Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Federation webinar on LICU designation today
NEW YORK (9/25/12)--The National Federation of Community Development Credit Unions is offering a free webinar at 2 p.m. (ET) today on the benefits and opportunities that low-income designation provides eligible credit unions.

In August the National Credit Union Administration (NCUA) informed another 1,003 of the nation's 7,200 credit unions of their low-income eligibility, and expedited the application process to increase credit union participation in a federal relief and recovery package for drought-stricken states.

As a result, a month after the announcement, 553 federal credit unions nationwide accepted the designation. The newly designated low-income credit unions (LICU) serve 5.9 million members and manage more than $49 billion in combined assets.

Today, 1,721 LICUs with combined assets of $100 billion provide services to 12.4 million predominantly low income consumers. If every eligible credit union accepts their designation, LICUs would have combined assets of $140 billion, providing affordable financial services to almost 17 million consumers, said the federation.

The LICU designation provides certain privileges aimed at expanding a credit union's capacity to meet the needs of their financially vulnerable members. The benefits include:

  • The authority to accept supplemental (secondary) capital;
  • Exemption from the member business lending limitation of 12.25% of assets;
  • The right to accept non-member deposits up to the greater of $3 million or 20% of total shares; and
  • Access to the NCUA's Community Development Revolving Loan Program, which provides loans and technical assistance grants.
To register for the webinar, use the link.
Other Resources

RSS





print
News Now LiveWire
Credit card issuers could see a reduced burden for 1 year under a @CFPB proposal issued this week. News Now: http://t.co/CYVXLUmVBq
8 hours ago
RT @CUEscan: Branches Will Be the Cornerstone of Growth http://t.co/fVqPPaGeVL http://t.co/xxMyKGQMrl
8 hours ago
RT @asmarterchoice: According to @Bankrate study, customers more likely to find FREE checking at #Creditunion than a bank! http://t.co/ntCb…
8 hours ago
Ditch monthly subscriptions to save $$, @YoungFreeMI Fielder tells @freep http://t.co/TFnsps4Dui #ASW2015
9 hours ago
.@federalreserve extends comment period for capital surcharges on systemically important U.S. bank holding cos. http://t.co/MOJJBn9DfA
10 hours ago