Leagues & CUNA Seek Clarification on Low Income, State-Charted Credit Unions
The Missouri Credit Union League, with Credit Union National Association (CUNA) and other member leagues, are working to obtain further clarifications on the designation of low income state-chartered credit unions. The National Credit Union Administration (NCUA) recently alerted about 1,000 federal credit unions on their eligibility for the low-income credit union designation. State-chartered credit unions may also qualify for a low income designation based on their state regulator’s approval with the concurrence of the appropriate NCUA Regional Director. While the low income designation is helpful for some credit unions, legislative changes that would provide expanded authority in credit union member business lending (MBL) and supplemental capital for all credit unions will be vigorously pursued.