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

Washington
Hundreds of CUs accept NCUA LICU designation
ALEXANDRIA, Va. (9/13/12)--The number of credit unions with low-income designations has increased by 553 following recent National Credit Union Administration (NCUA) outreach efforts, the agency said on Wednesday.

The NCUA in August notified 1,003 credit unions, indicating they are eligible for the low-income credit union (LICU) designation. Notified credit unions were offered a streamlined LICU application process, and the 553 credit unions noted above accepted the NCUA designation.

The addition of these new LICUs brings the total number of LICUs to 1,740.

The LICU notification initiative was incorporated into a relief and recovery package for drought-stricken states announced at the White House in early August, and 260 of the credit unions that accepted their designation were headquartered in drought-impacted states.

The NCUA in a release said the new LICUs serve 5.9 million members and hold more than $49 billion in assets, combined. According to the NCUA, 80% of these new LICUs have less than $100 million in assets, and the median asset size of these new LICUs is $24.6 million.

Credit unions that did not respond to this NCUA notification may still accept the LICU designation. They will have 30 days to do so, the NCUA said.

The LICU designation brings benefits that include the ability to accept supplemental capital and an exemption from the member business lending cap under certain circumstances. LICU-designated credit unions are also eligible for Community Development Revolving Loan Fund grants and low-interest loans and may accept deposits from non-members.
Other Resources

RSS





print
News Now LiveWire
Final field-of-membership rule tops April 30 NCUA agenda http://t.co/gFIhRhUCts
13 hours ago
.@CUNA's @Nussle speaks to @VonnieQuinn about #StoptheDataBreaches and reg. relief. http://t.co/TMTubG9Afk
15 hours ago
RT @NCUFoundation: .The Foundation's @hylandhighway with @NatlJumpStart President/CEO Laura Levine at #FLHillDay2015 today: http://t.co/ep5…
17 hours ago
Seriously underwater homes rise, new-home sales tumble News Now: http://t.co/2LzWTkqnES
17 hours ago
#NewsNow Cornerstone Foundation awards $71K in grants http://t.co/Y6D8K9rwWv
19 hours ago