The NCUA on Thursday said that two-thirds of the 1,003 credit unions offered the eligibility to become a low-income credit union have accepted.
The offer was made two months ago as part of a drought relief package from the Obama administration. LICU designation brings with it an exemption from the 12.25% member business lending cap, as well as eligibility for Community Develop Revolving Loan Fund grants and loans, and the ability to obtain supplemental capital and accept non-member deposits from any source.
The 676 newly designated LICUs combined serve more than 7.7 million members and have more than $66 billion in assets. There now are a total of 1,874 credit unions with the LICU designation, the NCUA said.
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