Wednesday, September 12, 2012

553 FCUs Opt for Low-Income Designation

NCUA announced that 553 federal credit unions opted for a low-income designation. As a result, there are now 1,740 low-income designated credit unions.

On August 7, the agency notified more than 1,000 federal credit unions that they were eligible for low-income designation. The credit unions had until September 10 to opt-in.

The initiative was included as part of the Obama Administration's relief package for 27 drought-stricken states.

The newly designated low-income credit unions serve 5.9 million members and manage more than $49 billion in combined assets.

Nearly half (260) of the credit unions—representing 49 percent of new LICU assets and 50 percent of new LICU members—that accepted the LICU designation are headquartered in states affected by the drought.

ABA has filed a Freedom of Information Act request for the list of 553 credit unions that received this low-income designation.

Read the NCUA press release.

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