ALEXANDRIA, Va. — Federal credit unions seeking low-incomedesignation can use statistically valid samples of memberincomes drawn from loan files or member surveys to back up theircase, as a result of a rule approved Friday by the NCUABoard.
|The rule, which the agency says will ease regulatory burden onFCUs while still providing adequate data, replaces the currentrequirement that data must be collected from the majority of theFCU's members.
|FCUs can use data from either loan files or member surveys butcan't combine the data collection methods.
|Also, as a result of comments received the agency added aprovision guaranteeinng that the agency would make a decision onthe application within 60 days.
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? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
