A partnership between the NCUA and NASCUS will give state-chartered credit unions new opportunities to receive the Low-Income Credit Union designation.
Through a board action today, the NCUA extended the response time to accept low-income credit union designation, giving newly eligible credit unions an additional 60 days to file.
Many misconceptions still surround the LICU designation, and a new three-part webinar series hosted by CUNA and the NFCDCU has been created to inform credit unions about the benefits of the designations and how best to leverage them for their institution and members.
After a letter from the NCUA last month invited more than 1,000 federally chartered credit unions to apply for low-income credit union designation, the agency has announced plans to extend a similar offer to state-chartered credit unions.
NWCUA Regulatory Advocacy Update: Mixed Reaction from Industry to NCUA’s Low-Income Designation Letters
The weekly Regulatory Advocacy Update outlines the NWCUA’s efforts to reduce the regulatory burden on credit unions and protect the larger movement. Included here is an update on industry-wide reaction to the NCUA’s letter regarding LICU eligibility.
The weekly Regulatory Advocacy Update outlines the NWCUA’s efforts to reduce the regulatory burden on credit unions and protect the larger movement. Included here is news about the NCUA’s LICU designation, which allows for exemption from the MBL cap.