The NCUA decision to send letters to all federal credit unions that are eligible for the Low Income Designation brought a flood of questions. In response to the inquiries, the League hosted a conference call on Wednesday, August 15 with NCUA for all of the North and South Carolina credit unions that had received letters of eligibility.
“We got a number of questions,” explained Dan Schline, SVP of Association Services with the League. “Credit unions wanted a better understanding of the pros and cons of accepting the designation, and NCUA’s Office of Small Credit Union Initiatives (OSCUI) was more than willing to help.”
Bill Myers, the director of OSCUI, walked the 31 credit unions on the phone through a presentation on the specifics of the low income designation, driving home the point that simply accepting the designation would not result any new reporting or exam requirements. Self-Help Credit Union’s Randy Chambers also joined the call. Chambers, president of the $560 million low income designated credit union, shared how their use of the additional authority granted through the designation has helped Self-Help better serve members and the community.
Click here to see NCUA slides on LID
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