Washington, DC (Sept. 22, 2011)
– Since December 2007, low-income credit unions (LICUs) have nearly tripled in assets and lending and doubled in members, according to the National Credit Union Administration.
“Credit unions have a mission of meeting the credit and savings needs of consumers, especially people of modest means,” said NCUA Executive Director David Marquis, who recently testified before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit.
“NCUA has considerable experience in facilitating the ability of credit unions to meet the financial needs of the underbanked,” Marquis said.
Low-income credit unions increased loan growth by more than twice the rate of loans at other credit unions, 14 percent versus 6 percent, since December 2007. Real estate lending by LICUs grew by 29 percent versus 12 percent at other credit unions.
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