More than 1,000 credit unions were told by the NCUA on Tuesday that they can use a simple opt-in reply to become a Low-Income Designated Credit Union.

That designation exempts the credit union from the 12.25% cap on member business loans and should free from $250 million to $500 million in business lending if all 1,003 credit unions sent the letter from the NCUA on Tuesday decide to participate, the agency said.


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 and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.