X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ALEXANDRIA, Va.-While 2001′s record numbers of underserved additions were notable, the statistics from 2002 blow them away. NCUA Chairman Dennis Dollar announced last week that credit unions had expanded service into underserved and low-income communities nationwide adding 23.5 million potential members. The increase is significant over the 16.1 million from 2001, the first year for Access Across America. Over the last two years, credit unions have adopted 706 underserved areas for a total of 39.6 million new potential members. According to NCUA data, 223 federal credit unions added 424 underserved areas with an aggregate population of 23.5 million in 2002. “Although the results are the best in our agency’s history, there are still many communities across America which need access to affordable financial services. Credit unions can play an important role in meeting the financial needs of these low-income and underserved communities, many of which will otherwise be driven to the predatory lenders which moved into these neighborhoods when the traditional financial institutions moved out,” Dollar said.

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.