WASHINGTON — More credit unions might have access to alternative sources of capital if they considered adopting a low income designation from NCUA, a noted credit union consultant has observed in a recent Web event.

Speaking to participants of "The Most Important Issue Facing Credit Unions: Capital Options," Chip Filson, CEO of Callahan and Associates, explained that, as of Mar. 31 of this year, only 44 credit unions nationwide with a low income designation use the secondary accounts as sources of alternative capital and suggested that more credit unions should consider taking this approach.

Under NCUA rules, low income credit unions are those where either a majority of the CU's members either earn less than 80% of the average for all wage earners as established by the Bureau of Labor Statistics. Or, they can have an annual household income that is below 80% of the median household income for the nation as established by the Census Bureau.