Low-Income Areas Grow Fastest

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NCUA has released analysis indicating that membership at CUs that have expanded into low-income communities is growing 93% faster than average in federal credit unions. Chairman Dennis Dollar told the Department of Agriculture's national Rurual Housing Summit that since January 2000-when the agency began emphasizing federal credit unions' ability to expand their FOMs into underserved areas-the average annual membership growth in these expanding credit unions has been 4.80%. Over that same time, the national average annual membership growth in all credit unions was 2.49%. The data was drawn from call reports

Separately, Dollar also participated in the U.S. Department of Housing and Urban Development's "Homeownership Express," a national bus tour traveling the country to promote homeownership during the month of June. Dollar participated in the bus stop in Birmingham, Ala. at the Centennial Place Community Development Center.

"We are pleased that NCUA has been asked to participate and look forward to highlighting the agency's successful Access Across America initiative," said Dollar, who will speak during the event. "This gives us the opportunity to emphasize the role of credit unions in providing the first step for folks from all walks of life in becoming homebuyers, and that is-access to affordable financial services."

The bus tour will travel the entire country during the month of June, a month designated by President Bush as National Homeownership Month. For info: www.hud.gov-initiatives- homeownership-homeownershipexpress.cfm

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