The NCUA will provide state regulators with a list of low-income eligible credit unions through a cooperative effort between the NCUA and NASCUS, an initiative first announced in September.
The list will add state-chartered credit unions to the NCUA's fast-track LICU approval program for federal charters that eliminated a time-consuming application process and increased the number of LICU credit unions to nearly one-third of the industry.
The agreement announced Wednesday irons out the details of state regulators providing the NCUA with member income data, including modifications the NCUA made to its AIRES system so states can simply include income information when they upload exam results.
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