NCUA Approves More Low-Income CUs

Credit Union Journal Daily Briefing | Thursday, January 3, 2013

ALEXANDRIA, Va. – NCUA said it approved more than two dozen additional credit unions for low-income status in the final weeks of the year, making 811 credit unions qualified in 2012 for the designation, which exempts credit unions from the member business loan cap and allows them to accept non-member deposits and to raise supplementary capital.

Among those approved on the final days of the year are some of the nation’s biggest credit unions, including billion-dollar credit unions Jeanne D’Arc CU in Massachusetts, Max FCU in Alabama, Florida Commerce FCU, and Goldenwest FCU in Utah.

NCUA has designated a total of 1,912 credit unions as low-income, meaning a majority of their field of membership earns below the median family income.

NCUA also is working with state regulators to come up with state charters that are eligible for their state’s own low-income classification.