ORLANDO,Fla.-America’s federal credit unions are expanding service to underserved and low-income communities at an unprecedented pace, according to NCUA Acting Chairman Dennis Dollar. Appearing on a Web cast at the NAFCU Annual Convention, the Dollar said that in the first six-months of this year, there have been more than 4.9 million potential new credit union members located in underserved communities than ever before. He credited the agency’s streamlined application process, of which he has been a key supporter. “These positive numbers are early indicators of the success that the streamlined approach this Board put in place is having as it facilitates credit union expansion into underserved areas, most of which are designated low-income communities,” Dollar said in a statement. “I am convinced that a more efficient process with an enhanced emphasis on extension of service to underserved communities is resulting in more Americans having a credit union as a low-cost alternative to predatory lenders in their neighborhoods.” NCUA released numbers last week crediting credit unions with having adopted 97 underserved communities with a total population of 4.9 million, just six months into the year. During all of 2000, credit unions only expanded into a total of 50 areas meeting the underserved criteria with a population of 2.3 million. “It is encouraging to see the growing number of credit unions reaching out to provide affordable financial services for these communities who need it so badly,” the NCUA chief said. “At NCUA, we must always strive to provide an efficiency of process which creates a regulatory environment where credit unions are encouraged and not impeded in their effort to reach out and serve Americans from all walks of life.” Dollar continued, “Adopting an underserved community not only provides affordable financial services where otherwise the folks in the neighborhood may not have access to a full-range of low-cost services, but, when managed properly, reaching out to these new markets can help to strengthen the financial viability for those credit unions.” -

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.