National News

Unlimited business lending given to 553 CUs under low income designation

On Sept. 20, the National Credit Union Administration announced 553 credit unions have received unlimited business lending authority through drought relief measures announced by the Obama administration in August. In an effort to increase credit flows, the administration encouraged 1,003 credit unions to opt in to NCUA’s “low-income” designation, which exempts them from the 12.25 percent business lending cap that applies to other credit unions. In August, the NCUA sent one round of notifications to these credit . . .

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