ALEXANDRIA, Va. (8/25/14)--The National Credit Union Administration's Office of Small Credit Union Initiatives (OSCUI) has released a report on its impact since January 2013, when the agency's definition of "small credit union" changed. The new definition classified a small credit union as those with assets of less than $50 million, up from the previous level of $10 million in assets.
According to OSCUI Director Bill Myers, this change meant that two-thirds of federally insured credit unions now qualified as a small credit union.
"Remarkably, we grew each one of our program areas to meet the increased demand without an increase to our budget or staff. Serving a broader audience of credit unions with our existing resources meant being realistic about which credit unions we should focus on," Myers said in the latest OSCUI report. "We learned to say 'yes' only to credit unions that were most likely to survive. We allotted time for follow up to ensure that credit unions adopted the measures we helped them develop."
During the first year of the new definition, OSCUI:
Use the resource link below to access OSCUI's monthly report.