NCUA Clears FCUs for Housing Counseling for Non-Members

ALEXANDRIA, Va. – NCUA ruled yesterday that federal credit unions may provide housing counseling services to non-members under the National CU Foundation’s grant program. In a legal opinion issued yesterday, NCUA told the Foundation that federal credit unions are allowed to provide financial counseling services that “promote thrift or otherwise assist members on financial matter,” and non-members may receive these services as part of the credit union’s community outreach. The Foundation won a $1 million grant last September from the U.S. Department of Housing and Urban Development, which it awarded to 23 credit unions to help them fund homeownership counseling programs for low-income members. The NCUA ruling means the credit unions can offer the services to non-members, as well. Among the credit unions awarded the grants are: Arrowhead CU, ASI FCU, Brooklyn Cooperative FCU, District Government Employees FCU, Memphis Area Teachers CU, North Side Community FCU, Purdue Employees FCU, SOFCU Community CU.