OCC notes low-income credit unions as place for banks to invest

WASHINGTON-The Office of the Comptroller of the Currency (OCC) has released a newsletter noting community development credit unions as a place for banks to invest their funds. Community Development Financial Institution and Community Development Bank Resource Directory is aimed at providing access to information for various organizations that provide resources to banks looking to invest in Community Development Financial Institutions. The newsletter, available at the OCC’s Web site (www.occ.gov), highlights NCUA as one of these sources of information and provides links to key sections of the agency’s Web site. It points out that more than 800 NCUA regulated credit unions have been designated as low-income credit unions, which can accept secondary capital loans. It also recognizes the National Federation of Community Development Credit Unions’ (NFCDCU) work in this area, helping community development credit unions provide their members affordable loans, secure savings, financial education and other important sources. NFCDCU also serves as an intermediary for banks and thrifts interested in making deposits in community development credit unions.