NCUA, NASCUS team up on low-income
Feb. 21, 2013 – NCUA says it has teamed up with the National Association of State Credit Union Supervisors on a process to help state-chartered credit unions determine their own eligibility for NCUA’s low-income designation.
State regulators can now provide limited geographic and income data to NCUA’s AIRES system when they upload their examinations. NCUA will use that data to determine if there are state-chartered credit unions eligible for the low-income designation and provide a list to state regulators on a quarterly basis.
State regulators have the sole authority to make the LICU designation for state-chartered credit unions.
In January, the NCUA Board approved a final rule giving eligible credit unions more time to respond to the agency’s invitation to accept its low-income designation from 30 to 90 days. NAFCU supported the revision to this rule, which applies to federally chartered credit unions.
To qualify as a LICU, a majority of a credit union’s membership must meet low-income thresholds based on 2010 census data.