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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.

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