Low Income Designation

The proposed Worker Cooperative Federal Credit Union received a low income designation in March 2011.

A credit union can receive a low income designation if majority of their members either earn less than 80 percent of the average of all wage earners, as established by the Bureau of Labor Statistics, or have an annual household income that falls at or below 80 percent of the median household income for the nation as established by the Census Bureau. Students are considered low income members.

Should the proposed Worker Cooperative Federal Credit Union be chartered, certain benefits will be available including technical assistance grants and low-cost loans from the NCUA Community Development Revolving Loan Program. Other possible benefits include accepting non-member deposits, offering secondary capital accounts, and the ability to qualify for exemption from the aggregate loan limit for member business loans.

Comments are closed.