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The Low-Income Definition

NCUA · final-rule · Published 2008-11-26 · Effective 2009-01-01 · 73 FR 71909

Document

Document number
E8-28076
Federal Register citation
73 FR 71909
CFR reference
12 CFR 701
Type
Rule
Action
Final rule.
Category
final-rule
Agency
US National Credit Union Administration
Publication date
2008-11-26
Effective date
2009-01-01

Abstract

NCUA is amending the definition of "low-income members" to use median family income (MFI) to determine if a credit union qualifies for a low-income designation and eligible for assistance from the Community Development Revolving Loan Fund (CDRLF). The amendment will eliminate the confusion associated with adjusting median household income in metropolitan areas with higher costs of living. Additionally, it will better align NCUA criteria for a low-income credit union (LICU) designation with the criteria for the addition of an underserved area to a federal credit union (FCU) field of membership and certification as a Community Development Financial Institution (CDFI).

Source

Authoritative
Federal Register document
Machine
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