Almost 25% of U.S. credit union memberships are at low-incomecredit unions.

Two years after the NCUA launched an effort to make more creditunions aware of their eligibility to be designated as low-incomeinstitutions, the agency reported Friday that 2,107 credit unionshave been recognized as low income. The NCUA also reportedlow-income credit unions collectively hold $218 billion in assets,and more than 70% of them have fewer than $50 million inassets.

In order to qualify as a low-incomecredit union, a majority of the credit union's membership mustmeet low-income thresholds based on the 2010 census, the NCUAsaid.

“(The) NCUA introduced the low-income credit union initiativetwo years ago as part of my Regulatory Modernization Initiative,”NCUA Chairman Debbie Matz said. “This was a significant easing of aregulatory burden for those credit unions that were eligible forthe designation. These credit unions have expanded access toaffordable financial services to low- and moderate-income members,developed financial literacy programs and increased their ownservice capacity through staff training.”

Designated low-income credit unions have an exemption from thestatutory 12.25% cap on credit union business lending. They arealso eligible for low interest loans and grants from the Community Developing Revolving Loan Fund, qualify for free NCUAconsulting, may accept deposits from non-members and are authorizedto obtain supplemental capital.