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NCUA’s Low Income Designation Benefits, Definition, and Application Process

NCUA's Office of Small Credit Union Inititatives

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Table of Contents Benefits of the LICU Designation II. Definition of Low-Income Members III. Application Process, Grandfather Provisions and Appeal Procedures IV. Resource Information and Contact information I.

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NCUA's Office of Small Credit Union Inititatives

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Benefits of NCUA’s Low Income Designation

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LICU Benefits: Community Development Revolving Loan Fund (CDRLF)

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LICU Benefits: CDRLF Loans

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LICU Benefits: CDRLF Loan Uses

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LICU Benefits: CDRLF Loan Application CDRLF Loan Applications are available on the NCUA’s website: http://www.ncua.gov/Resources/CreditUnionDevelopment/Finance.aspx

Credit unions without internet access may call (703) 518-6610 and ask that an application be faxed or mailed. NCUA's Office of Small Credit Union Inititatives

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LICU Benefits: CDRLF Technical Assistance Grants (TAG)

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LICU Benefits: CDRLF TAG Uses  Adding new services;  Providing financial education for members and

the community;  Training staff;  Exposing student interns to credit unions operations and management;  Improving operations; and  Operating VITA sites. NCUA's Office of Small Credit Union Inititatives

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LICU Benefits: CDRLF TAG Initiatives

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LICU Benefits: CDRLF TAG Initiatives

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LICU Benefits: CDRLF TAG Applications CDRLF TAG Applications are available on the NCUA’s website: http://www.ncua.gov/Resources/CreditUnionDevelopment/Finance.aspx

Credit unions without internet access may call (703) 518-6610 and ask that an application be faxed or mailed. NCUA's Office of Small Credit Union Inititatives

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LICU Benefits: Nonmember Deposits

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LICU Benefits: Secondary Capital

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LICU Benefits: Secondary Capital

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LICU Benefits: Member Business Loan Rule

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Number of LICU’s Since 1990

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Low Income Definition

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Low Income Definition To Qualify:  Majority of members (50.01%) must meet the definition of a low-income member  Based on address information (AIRES)  Income estimates are derived by linking address information to U.S. Census Bureau data NCUA's Office of Small Credit Union Inititatives

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Low Income Determination

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Low Income Determination Census Bureau Data can be located on the census website: http://factfinder.census.gov/home/saff/main.html? lang-en

NCUA will use Decennial Data or data collected through the American Community Survey, whichever is most beneficial to an FCU, when determining whether it qualifies for a LICU designation. NCUA's Office of Small Credit Union Inititatives

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Low Income Definition Alternative Assessment Methods ď‚— An FCU may be able to demonstrate the actual income of its members based on member income data from loan applications or member surveys. (Statistical Sampling OK) ď‚— Full or part-time students in a college, university, high school, or vocational school also qualify as low-income. NCUA's Office of Small Credit Union Inititatives

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NCUA's Office of Small Credit Union Inititatives

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LICU Designation Process

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LICU Designation Grandfather Provisions

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NCUA Agency Contacts REGION III - ATLANTA 7000 Central Parkway, Suite 1600 Atlanta, GA 30328 Elliot Weiss Phone (678) 443-3022 eweiss@ncua.gov NCUA's Office of Small Credit Union Inititatives

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NCUA Agency Contacts To e-mail your AIRES share download, please send it securely through our encrypted ZixMail email option using the following URL: https://web1.zixmail.net/s/login?b=ncua eweiss@ncua.gov NCUA's Office of Small Credit Union Inititatives

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NCUA Agency Contacts April 24, 2011 Low Income Designation processing will be transferred from Region III DOI to Office of Consumer Protection Division of Consumer Access 703-518-6687 NCUA's Office of Small Credit Union Inititatives

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NCUA Agency Contacts Office of Small Credit Union Initiatives 1775 Duke Street Alexandria, Virginia 22314 Phone: 703-518-6610

CDRLF Loans and Grants

Facsimile

E-Mail

703-519-4088

OSCUIApps@ncua.gov

Your Connection to Resources! http://www.ncua.gov/Resources/CreditUnionD evelopment/ResourceConnection/index.aspx NCUA's Office of Small Credit Union Inititatives

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2011_Low_Income_Designation_Presentation  

http://www.lscu.coop/content/download/38028/441314/2011_Low_Income_Designation_Presentation.ppt

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