Federal, State Regulators Offer Easier LICU Process for State-Chartereds

Federal and state regulators have worked together to devise a plan to help state-chartered credit unions find it easier to to determine if they are eligible for designation as low-income credit unions (LICU).
 
Under a cooperative effort by the National Credit Union Administration and the National Association of State Credit Union Supervisors (NASCUS), state regulators can now provide limited geographic and income data to NCUA's AIRES system when they upload their examinations.
 
The NCUA said in a release it will use that data to determine if there are state-chartered credit unions eligible for the low-income designation and provide a list to state regulators on a quarterly basis of those credit unions. State regulators have the sole authority to make the LICU designation for state-chartered credit unions. (Watch News Now Thursday for more.)