CUNA, NFCDCU to Host Webinar Series Discussing Benefits of Low-Income Designation

The National Credit Union Administration (NCUA) sent a letter in August informing more than 1,000 credit unions that they are eligible for Low-Income Credit Union (LICU) designation through a newly established, simplified opt-in process.

The low-income designation recognizes the work credit unions do to provide access to affordable credit and financial services to people of modest means and provides regulatory powers that help increase institutional capacity to meet the needs of millions of consumers that currently don’t have access to credit union services.

After announcing in September that a similar opt-in process may be extended to state-chartered credit unions, the NCUA board in October approved a 60-day extension of the deadline for credit unions to accept the LICU designation.

Because many misconceptions still surround the designation, the Credit Union National Association (CUNA) is teaming with the National Federation of Community Development Credit Unions (NFCDC) to hose a three-part webinar series—free to CUNA-affiliated credit unions and Federation members—designed to inform credit unions about the benefits of the LICU designation.

The topics of the three-part series include:

All webinars begin at 11 a.m. PDT and are scheduled to last 90 minutes.

The federation has played a leading role in advocating for special regulatory powers to strengthen the capacity of credit unions to serve low- and moderate-income consumers. The federation has also helped create public and private resources to expand credit union services in underserved communities, such as the CDFI Fund, which has provided more than $130 million in grant awards to qualifying credit unions; or the CDCI Program through which the US Treasury Department invested $70 million in secondary capital loans in 48 credit unions.

 

Questions? Contact Director of Regulatory Advocacy John Trull: 503.350.2209, jtrull@nwcua.org

Posted in CUNA.