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NCUA | RIN: 3133-AC98 | Publication ID: Spring 2009 |
Title: Designation of Low-Income Status, Receipt of Secondary Capital Accounts by Low-Income-Designated Credit Unions and Community Development Revolving Loan Program for Credit Unions | |
Abstract: NCUA amended the definition of "low-income members" to use median family income or median earnings for individuals instead of median household income when determining if a credit union qualifies for a low-income designation. The amendment eliminates confusion associated with adjusting median household income for areas with higher costs of living, and better aligns the low-income definition with underserved area criteria and Community Development Financial Institution criteria. | |
Agency: National Credit Union Administration(NCUA) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Completed Actions |
Major: No | Unfunded Mandates: No |
CFR Citation: 12 CFR 701.34 12 CFR 705.3 | |
Legal Authority: 12 USC 1752(5), 1757, 1766 42 USC 9822 and 9822 note |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: No | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Information URL: www.ncua.gov | Public Comment URL: www.regulations.gov |
RIN Data Printed in the FR: No | |
Agency Contact: Moisette I. Green Staff Attorney, Office of General Counsel National Credit Union Administration 1775 Duke Street, Alexandria, VA 22314 Phone:703 518-6540 Fax:703 518-6319 Email: mgreen@ncua.gov |