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Low-Income Georgetown?

Even though the Georgetown University Alumni and Student Federal Credit Union is situated in Georgetown, one of the wealthiest neighborhoods of Washington D.C., the credit union, like all student-run institutions, is designated as a low-income credit union. "All student-run credit unions are designated low-income by definition, in the regulations," said...

By Staff Writer | Updated on March 11, 2003

Even though the Georgetown University Alumni and Student Federal Credit Union is situated in Georgetown, one of the wealthiest neighborhoods of Washington D.C., the credit union, like all student-run institutions, is designated as a low-income credit union. “All student-run credit unions are designated low-income by definition, in the regulations,” said Anthony LaCreta, Director of NCUA’s Office of Credit Union Development. Although the student-run institutions are not able to access NCUA’s grants or loans for low-income institutions, the low-income designation does allow them to solicit other credit unions for deposits and other forms of secondary capital, LaCreta explained.

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