Florida's largest credit union is now a low-income credit union,according to its profile page on the NCUA's website.

The 570,000 member, $5.55 billion Suncoast Credit Union,headquartered in Tampa, had been Suncoast Schools Federal Credit Union until it converted to a state charter as of January 1.

Under federal statute, a low-income designated credit union canaccept deposits from non-members, offer secondary capital accounts,add new member business loans above the statutory cap and apply forgrants and loans from the NCUA and other federal agencies.

Perhaps most significantly, a low-income designation can be akey part in gaining recognition as a community developmentfinancial institution or CDFI by the U.S. Treasury. Recognized CDFIcredit unions can apply for U.S. Treasury grants to help launch newproduct or service lines, or supplement its capital.

“As you might know, we changed to a community charter earlierthis year and this is a natural follow on for our desire to focuson our community more effectively,” Suncoast CEO Tom Dorety toldCredit Union Times. He added that Suncoast would use thedesignation to apply for grants to help finance affordable housing,work with migrant laborers and generally better serve the creditunion's lower income members.

He also said Suncoast would apply to for recognition as aCDFI. If it attains the recognition, it will become thelargest CDFI in the country.

Federally chartered credit unions can be recognized as lowincome credit unions if 50% plus one member of its membershipqualifies as low income members. Low income members are defined, inpart, as “members with a family income 80% or less than the medianfamily income for the metropolitan area where they live or nationalmetropolitan area, whichever is greater,” according to NCUA.

Dorety said state chartered Florida credit unions can berecognized as low income if the NCUA certifies that they qualifyand the state regulator authorizes the designation.