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NCUA streamlines portion of underserved area application process for CUs
The NCUA Thursday announced a technical change to the way multiple common bond federal credit unions (FCUs) designate geographic boundaries when applying to serve an underserved area. Effective immediately, those submitting underserved area applications can list the areas they want to serve by census tracts, along with the year the census tract was in effect.
The NCUA’s prior policy required multiple common bond FCUs to formally list each area’s street boundaries. According to the NCUA, this change will “make it easier for credit unions to geocode addresses for potential members.”
NAFCU has advocated to Congress to help streamline the application process for community developmental financial institutions and minority depository institutions in their communities, as they help provide invaluable resources for underserved communities.
The association will continue to monitor the NCUA’s developments to ensure the application process to serve underserved areas is simplified.