ALEXANDRIA, Va. – At its board meeting yesterday, the first without recently departed board member Gigi Hyland, NCUA proposed a rule to extend the deadline for credit unions to accept the low-income designation to 90 days following notification of eligibility by NCUA.

It also OK’d a community charter for BMI FCU to serve the eight counties in the Columbus, Ohio MSA.

“NAFCU is pleased that NCUA has granted credit unions greater time to determine whether or not they would like to pursue the low-income designation,” said NAFCU General Counsel and VP-Regulatory Affairs Carrie Hunt. “The deadline extension to 90 days from 30 allows credit unions greater flexibility and more thoughtful review in their decision-making process.”


Subscribe Now

Authoritative analysis and perspective for every segment of the credit union industry

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.