Union Federal Mortgage Corp history

July 1934 — Claude Orchard, an executive at Armour & Company, is named head of the newly formed Federal Credit Union Division.

7, 1941 — During the attack on Pearl Harbor, P.W. Eldred, the former treasurer of Hawaiian Air Depot Federal Credit Union on the island of Oahu, was killed when he attempted to save the credit union’s records that were located in an office at Hickam Army Airfield.

With the passage of the Revenue Act of 1951, federal and state-chartered credit unions are granted an exemption from the federal income tax.

By the end of 1960, there were 9,905 federal credit unions with 6.1 million members and $2.7 billion in assets.

FHA became a part of the Department of Housing and Urban Development's (HUD) Office of Housing in 1965.

AboutAbout Created by the United States Congress in 1970, the National Credit Union Administration is an independent federal agency that insures deposits at federally insured credit unions, protects the members who own credit unions, and charters and regulates federal credit unions.

July 18, 1984 – The Deficit Reduction Act of 1984 is signed into law recapitalizing the National Credit Union Share Insurance Fund, which had been experiencing financial stress for several years.

By the end of 1990, the credit union system has 12,891 federally insured credit unions, $223 billion in assets and 61 million members.

By 1991, 432 state-chartered credit unions will convert to federal insurance coverage.

1994 – The Washington D.C. District Court rules that NCUA’s policy of allowing for multiple groups in one field of membership is allowed under the Federal Credit Union Act.

1997 – The United States Supreme Court agrees to hear the NCUA’s appeal of the Appeal Court’s ruling.

February 25, 1998 – The Supreme Court rules that federal occupation-based credit unions must consist of an occupational group having a single common bond.

He serves as NCUA Chairman until 2004.

9, 2008 – The NCUA Board approves the creation of the Credit Union System Investment Program and the Homeowners Affordability Relief Program to help credit unions weather increasing financial stress.

24, 2009 – Debbie Matz becomes Chairman of the NCUA Board.

27, 2010 – The NCUA finalizes the first NCUA Guaranteed Note sale.

June 20, 2011 – The NCUA becomes the first federal financial institutions regulator to file suit in federal court against Wall Street firms to recover losses from sales of faulty mortgage-backed securities.

July 6, 2012 – The NCUA closes Western Bridge Corporate Federal Credit Union

1, 2013 – The Office of National Examinations and Supervision begins operations.

1, 2014 – Corporate credit unions convert from the Corporate Rating Information System to the CAMEL rating system.

17, 2015 – The NCUA Board approves a final rule that raises the asset ceiling for what is defined as a small credit union from $50 million to $100 million.

23, 2017 – President Donald J. Trump designates J. Mark McWatters as Acting NCUA Chairman.