Onsite Coverage: NCUA Eases Data Requirements For Low-Income Applicants
ALEXANDRIA, Va. — Federal credit unions seeking low-income designation can use statistically valid samples of member incomes drawn from loan files or member surveys to back up their case, as a result of a rule approved Friday by the NCUA Board.
The rule, which the agency says will ease regulatory burden on FCUs while still providing adequate data, replaces the current requirement that data must be collected from the majority of the FCU's members.
FCUs can use data from either loan files or member surveys but can't combine the data collection methods.
Also, as a result of comments received the agency added a provision guaranteeinng that the agency would make a decision on the application within 60 days.