WASHINGTON — NCUA's proposal to use median household income to measure service to the underserved is a good idea, but the board should ensure that under the new regulations credit unions don't lose their low income designation, CUNA wrote in a recent letter to the federal agency.
NCUA should permanently grandfather all existing low-income credit unions, not just for five years as the agency proposes, CUNA Deputy General Counsel Mary Mitchell Dunn wrote.
"While we do not think a significant number of credit unions that are currently low income would fail to qualify under the new definition, we are aware that there are a limited number of those that would," she added.
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