Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
NCUA-approved LICUs Top 2,000
ALEXANDRIA, Va. (12/20/13)--The number of credit unions nationwide carrying low-income designations has risen to more than 2,000, the National Credit Union Administration reported Thursday.

The 2,002 NCUA-approved low-income credit unions (LICUs) hold a combined $176 billion in assets and have nearly 20 million members. They individually hold as many as $1 billion in assets.

This LICU growth "could provide additional opportunities for investment in local economies," NCUA Chairman Debbie Matz said Thursday. "These credit unions can promote greater financial security for their members by providing loans to support a small business, purchase a house or send family members to college," she added.

To qualify as a LICU, a majority of a federal credit union's membership must meet low-income thresholds based on 2010 Census data. In addition to the exemption from the 12.25% statutory cap on member business lending for credit unions, other advantages derived from the LICU designation include:
  • Eligibility for Community Development Revolving Loan Fund grants and low-interest loans;
  • Ability to accept deposits from non-members; and
  • Authorization to obtain supplemental capital.
The NCUA has scheduled a LICU webinar for Jan. 15. For more, use the resource link.
Other Resources

NCUA Release
RSS print
News Now LiveWire
For the last 75 years, even in the most difficult of times, Mill Town #CU has been there for the community it serves. Read #NewsNow Tues.
11 hours ago
The 1st vid shows how consumer can become victim and, advice to those who think they've been targeted. http://t.co/hr9VHpzEze
15 hours ago
.@TheNCUA has released two videos designed to raise awareness of elder financial abuse. http://t.co/iddSxr7H40
15 hours ago
Celebrate #100MM with @MDDCCUA1 at Orioles v Blue Jays tonight at Camden Yards
15 hours ago
The At Home In Lawrence mortgage program from @MetroCU is designed to help revitalize Lawrence, Mass.
16 hours ago