Independent federal agency which supervises the credit union system and insures member accounts. The agency operates the National Credit Union Share Insurance Fund (NCUSIF), a federal fund backed by the United States government. The agency is also able to place credit unions in conservatorship if necessary, and has done so as recently as March 2009, when it placed the two largest credit unions in conservatorship due to extreme losses during the financial crisis. The NCUA has its foundation in the Federal Credit Union Act of 1934, and became an independent agency in 1970.