What Is A Low Income Credit Union?
A low-income credit union is one in which a majority of its membership (50.01%) qualifies as low-income members as defined in Section 701.34 of the NCUA Rules and Regulations. Low-income members are those members who earn 80% or less than the median family income for the metropolitan area where they live or the national metropolitan area, whichever is greater. Median earnings may be substituted for median family income if it is more beneficial. For members living outside a metropolitan area, low-income members are those members who earn 80% or less than the median family income for the statewide or national, non-metropolitan area median family income, whichever is greater. Low income members are also those members enrolled as students in a college, university, high school, or vocational school.