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Michigan Credit Union League

LOW INCOME DESIGNATION

If 50% plus one of your membersis considered low income, your credit union can access these benefits of the Low Income Designation:

  • Accept non-member deposits from any source;
  • Offer secondary capital accounts;
  • Receive exemption from the aggregate loan limit for member business loans;
  • Receive consulting services from NCUA's Office of Small Credit Union Initiatives;
  • Access resources of other federal government agencies and non-profits with lower barriers.

CDFI CERTIFICATION

CDFI Certification is the U.S. Department of Treasury's recognition of specialized finanicial institutions that are expanding economic opportunity in low-income communities.

  • Financial assistance with access to billions in CDFI grants and program funds
  • Technical assistance through the CDFI Fund's Capacity Building Initiative

 

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