LANSING, Mich. – State regulators have expanded the powers of state chartered low-income credit unions to give them parity with federal charters.
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The action by the Office of Financial and Insurance Regulation will allow low-income credit unions to accept non-member deposits, participate in NCUA’s Community Development Revolving Loan program, offer secondary capital accounts and to qualify for exemptions form the member business loan cap.
The regulatory action was prompted by a request from Communicating Arts CU, which noted that NCUA-designated low-income state chartered credit unions could not exercise all of the powers as federally chartered low-income credit unions because of restrictions under Michigan law.
