The National Federation of Community Development Credit Unions and CUNA have collaborated to present a webinar series for executives at new low-income designated credit unions (LICU).
A recent NCUA initiative aimed at expediting and preapproving eligible credit unions for the designation has expanded the number of these credit unions dramatically—up nearly 700 since June.
To obtain the designation, a credit union must demonstrate a majority (at least 50.01%) of its members are low-income (earning 80% or less than a comparable median family income) as defined by 701.34 of NCUA’s Rules and Regulations.
The designation has significant regulatory benefits, including the right to accept nonmember deposits from any source, the right to accept supplemental capital, and an exemption from the member business lending limit.
Additionally, eligible credit unions have access to an NCUA revolving loan fund, technical assistance, and other resources and expertise aimed at serving low- to moderate-income consumers.
“We look forward to working with low-income designated credit unions, NCUA, and CUNA to share the expertise and resources the Federation has developed over almost 40 years of working with credit unions serving economically vulnerable populations,” says Pablo DeFilippi, director of membership for the Federation.
The free three-part webinar series explains the benefits of the low-income designation and how best to leverage the opportunity for your credit union and members. The topics of the webinar series include:
Powerful Cause, Positive Effect
CUNA’s Governmental Affairs Conference (GAC) in Washington, D.C., from Feb. 24-28 in 2013, is the credit union movement’s premier political event.
Drawing more than 4,000 attendees each year, the GAC is the key conference to attend for political impact, credit union networking, and updates on industry issues. This year keynote speakers include Tom Brokaw and Jean Chatzky.
Visit gac.cuna.org for the most up-to-date conference information and to register.