LICU

(redirected from Low-Income Credit Unions)
AcronymDefinition
LICULow-Income Credit Unions
LICULeague of IBM (International Business Machines Corporation) Credit Unions (various locations)
LICULength of Intensive Care Unit (hospitalization)
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References in periodicals archive ?
"CDFI certification can open the door to financial and technical support that helps qualified low-income credit unions provide more resources locally, particularly when the need is acute, as it is in areas devastated by the hurricanes last fall," said NCUA Chairman J.
But like knights in gold-plated armor, low-income credit unions (LICUs) have stepped in to fill the void, providing these neighborhoods with check-cashing services, small business and personal loans, as well as financial counseling.
"Each year, we look at the challenges low-income credit unions face and develop initiatives that support growth and member outreach," Office of Small Credit Union Initiatives Acting Director Martha Ninichuk said.
The Community Development Revolving Loan Fund assistance grants help low-income credit unions support, grow and train staff, and improve security.
The majority of these also hold NCUA's low-income credit union designation.
He promoted the use of technology in member service, served as a leadership role model and championed assistance to low-income credit unions and supplemental capital.
Long past the age when other credit union veterans are on the golf course, Joy has given every ounce of her energy not only to making Bethex run, but also, to providing volunteer assistance -- probably, tens of thousands of hours -- to other low-income credit unions in New York and elsewhere."
The NCUA announced that 225 low-income credit unions received more than $2 million in funds in the agency's latest round of grants.
"The NCUA's grants help low-income credit unions to perform better," NCUA Board Chairman Debbie Matz said.
"The supervisory changes related to supplemental capital make it easier for low-income credit unions to obtain, and give investors greater clarity and confidence.
"Supplemental capital is prohibited from enhancing the leverage ratio other than for low-income credit unions but for risk-based capital purposes -- from my reading of the statute and most people's reading of the statute -- there's no limitation," he said.
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