Low Income Designation

save_moneyThere are many benefits to low income designation for credit unions.  A low income designation may be obtained from the National Credit Union Administration (NCUA) if the majority (50.01%) of a credit union's members are low income as defined by the NCUA.  NCUA Rules and Regulation 701.34 defines low income as family income 80% or less than the median family income for the metropolitan area in which members live or national metropolitan area, whichever is greater.

With low income designation credit unions can:

  • Accept non-member deposits from any source
  • Offer secondary capital accounts
  • Receive exemption from the aggregate loan limit for member business loans (MBLs)
  • Apply for grants and low-interest loans from NCUA
  • Receive consulting services from NCUAs Office of Small Credit Union Initiatives (OSCUI)
  • Access resources of other federal government agencies and non-profits with lower barriers


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