Low Income Designation: Benefits and Opportunities Webinar Part II 

The National Federation of Community Development Credit Unions and the CUNA are sponsoring a webinar series that will focus on the benefits and opportunities low-income designation brings to eligible credit unions.

Learn how you can better serve the millions of low-to moderate-income consumers whose needs aren't being met by the traditional banking system and how you can gain access to external resources to strengthen your capacity to better serve people of modest means.

The LID provides a unique opportunity for credit unions with a significant percentage of low- to moderate-income members to expand capacity to meet their needs, including authority to accept secondary capital, exemption from the member business lending limitation of 12.25%, the right to accept non-member deposits and access to the NCUA’s Community Development Revolving Loan Program.

How can you use these new authorities to increase institutional capacity to meet the needs of your members? Join the session on Tuesday, Oct. 16, at 2 p.m. (EST). To register for this free webinar just click here.

If every eligible credit union accepts their low-income designation, they will represent combined assets of $140 billion, providing access to affordable financial services to almost 17 million predominantly low-income consumers. Roughly a third of the credit union system might become low-income designated.




 


Submissions to Monitor may be emailed. Bryan Laviolette is the editor of Monitor. Contact him by email or call (800) 262-6285, ext. 233. The newsletter of the Michigan Credit Union League is published Monday mornings or Tuesday mornings when Monday is a holiday. There is no Monitor the week after Christmas and the week after the Annual Convention and Exposition. The MCUL reserves the right to edit submissions for clarity and space.
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