DENVER — The NCUA is attempting to expand its opt-in process to low income credit union designation approval this month by working with state regulators to identify eligible state-chartered credit unions, NCUA Chairman Debbie Matz announced Wednesday during her keynote session at the 2012 NASCUS Summit in Denver.
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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 program was part of an administration drought relief package and would make more credit unions eligible to waive the 12.25% cap on member business lending.
The NCUA would like to be able to verify eligible state-chartered credit unions every quarter, after state regulators provide NCUA with appropriate member income data. The agency would then notify state regulators which credit unions are eligible; state regulators would complete the LICU eligibility designation process.
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