DENVER — The NCUA's opt-in process for low income credit union designation may expand to include state-chartered credit unions, NCUA Chairman Debbie Matz announced last week during her keynote speech at the 2012 NASCUS Summit. The agency hopes to put the program into play later this month by working with state regulators to identify eligible state-chartered credit unions and reduce the red tape required by the NCUA.
Matz said the NCUA will meet with NASCUS President/CEO Mary Martha Fortney to brainstorm ways to initiate an LICU opt-in approval process similar to the one NCUA launched for federal credit unions last month. The NCUA would like to verify eligible state-chartered credit unions each quarter, after state regulators provide the federal insurer with appropriate member income data. NCUA would then notify state regulators which credit unions are eligible; state regulators would complete the LICU eligibility designation process.
Fortney told Credit Union Times the program is still in the very early stages and will be subject to each state's low-income program rules. Some states don't have low-income designations, she added.
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