As drought-stricken businesses across the country are in dire need of assistance, the Obama administration asked the regulators to find ways to provide aid. The NCUA responded by informing 1,003 credit unions of their eligibility for low-income designation and allowing them to opt-in rather than slogging through paperwork.
The significance is that LICUs are not bound to the 12.25% of assets cap on member business lending.
Naturally, the community banks are crying foul. For fun, let's pick apart what the Independent Community Bankers Association said about the NCUA's move.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
