low-income designated credit unions

Low-income designated credit unions are financial institutions that have received a special designation from the National Credit Union Administration (NCUA) because they primarily serve low-income communities. These credit unions focus on providing affordable financial services, such as savings accounts, loans, and financial education, to individuals and families who may have limited access to traditional banking. They often have fewer fees and lower interest rates, helping to improve financial stability and promote economic participation in underserved areas. This designation allows them to access additional resources and support for their members.