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ICBA Emits Bankrupt Howls After Low-Income CU Move

As drought-stricken businesses across the country are in dire need of assistance, the Obama administration asked the regulators to find ways to provide aid. The NCUA responded by informing 1,003 credit unions of their eligibility for low-income designation and allowing them to opt-in rather than slogging through paperwork.

By Sarah Snell Cooke | Updated on August 12, 2012

As drought-stricken businesses across the country are in dire need of assistance, the Obama administration asked the regulators to find ways to provide aid. The NCUA responded by informing 1,003 credit unions of their eligibility for low-income designation and allowing them to opt-in rather than slogging through paperwork.

The significance is that LICUs are not bound to the 12.25% of assets cap on member business lending. 

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