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Federation offering free webinar on benefits and opportunities of low income designation

The National Federation of Community Development Credit Union (the Federation) is providing a free webinar on September 25 at 2 p.m. EST to focus on the benefits and opportunities the Low Income Designation will provide eligible credit unions. The designation initiative expands the number of credit unions that serve predominantly low income consumers. There are now 1,721 low income designated credit unions, providing services to 12.4 million predominantly low income consumers and with combined assets of $100 billion.

The low income designation provides eligible credit unions opportunities such as:

  • The authority to accept supplemental (secondary) capital (R&R §701.34), which is deeply subordinated debt that counts toward net worth;
  • Exemption from the MBL limitation of 12.25 percent;
  • The right to accept non-member deposits (R&R §701.32) from any source up to the greater of $3 million, or 20 percent of total shares; and
  • Access to the NCUA's Community Development Revolving Loan Program, which provides loans and Technical Assistance grants.

The webinar will discuss how low-income designated credit unions can use these new authorities to increase institutional capacity to meet the needs of LMI consumers. Click here to register for the webinar.

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