[Federal Register Volume 73, Number 229 (Wednesday, November 26, 2008)]
[Rules and Regulations]
[Pages 71909-71913]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-28076]



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  Federal Register / Vol. 73, No. 229 / Wednesday, November 26, 2008 / 
Rules and Regulations  

[[Page 71909]]



NATIONAL CREDIT UNION ADMINISTRATION

12 CFR Parts 701 and 705

RIN 3133-AC98


The Low-Income Definition

AGENCY: National Credit Union Administration (NCUA).

ACTION: Final rule.

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SUMMARY: NCUA is amending the definition of ``low-income members'' to 
use median family income (MFI) to determine if a credit union qualifies 
for a low-income designation and eligible for assistance from the 
Community Development Revolving Loan Fund (CDRLF). The amendment will 
eliminate the confusion associated with adjusting median household 
income in metropolitan areas with higher costs of living. Additionally, 
it will better align NCUA criteria for a low-income credit union (LICU) 
designation with the criteria for the addition of an underserved area 
to a federal credit union (FCU) field of membership and certification 
as a Community Development Financial Institution (CDFI).

DATES: The rule is effective January 1, 2009.

FOR FURTHER INFORMATION CONTACT: Moisette Green, Staff Attorney, Office 
of General Counsel, National Credit Union Administration, 1775 Duke 
Street, Alexandria, Virginia 22314-3428, or telephone: (703) 518-6540.

SUPPLEMENTARY INFORMATION:

Background

    The Federal Credit Union Act (Act) authorizes the NCUA Board 
(Board) to define ``low-income members'' so that credit unions with a 
membership consisting of predominantly low-income members can benefit 
from certain statutory relief and receive assistance from the CDRLF. 12 
U.S.C. 1752(5), 1757a(b)(2)(A), 1757a(c)(2)(B), 1772c-1. NCUA currently 
defines ``low-income members'' in parts 701 and 705 of its regulations 
generally as meaning members whose annual household income falls at or 
below 80% of the national median household income and provides a 
differential for certain geographic areas with higher costs of living. 
12 CFR 701.34(a)(2), 705.3(a)(1). Federally insured, state-chartered 
credit unions (FISCUs) may also receive a LICU designation if they meet 
the qualifications in Sec.  701.34(a); state regulators make or remove 
the designation on the basis provided in Sec.  701.34(a) with the 
concurrence of the appropriate NCUA regional director. 12 CFR 
741.204(b). Therefore, references in this preamble to FCUs includes 
FISCUs to the extent that state law permits a LICU designation and 
permits FISCUs with the LICU designation to accept nonmember accounts 
and secondary capital as contemplated by NCUA regulations. 12 CFR 
741.204(b)-(d).
    In April 2008, NCUA proposed revising the definition of ``low-
income members'' in Sec. Sec.  701.34(a)(2) and 705.3(a)(1) to base the 
determination on MFI or median earnings for individuals instead of 
median household income. 73 FR 22836 (April 28, 2008). For metropolitan 
areas, the proposal defined ``low-income members'' as those living in a 
geographic area where the income is at or below 80% of either the 
metropolitan area or national metropolitan area income standard, 
whichever is greater. For members living outside a metropolitan area, 
the proposal defined low-income members as those living in a geographic 
area where the income is at or below 80% of either the statewide, non-
metropolitan area or national, non-metropolitan area median family 
income, whichever is greater. The proposed rule also contained 
grandfather provisions and appeal procedures for FCUs that no longer 
qualify for a LICU designation.

Comments

    NCUA received comments from three credit unions, six trade 
associations, and one individual. Of those who commented on the rule 
generally, all but one supported using the MFI standard. Eight 
commenters had additional suggestions. One commenter suggested NCUA 
should ensure LICUs are actually serving low-income members instead of 
changing the low-income rule.
    Three commenters suggested clarifying the rule so that members who 
do not live in a low-income area, but are low-income, are included in 
the definition of ``low-income members.'' As discussed below, the final 
rule provides that NCUA will estimate member earnings based on data 
from the U.S. Census Bureau about the geographical area where members 
live, but permits FCUs to present actual member income information, for 
example, from loan applications or a survey.
    One commenter stated it was unclear from which sources NCUA would 
obtain the MFI and median earnings for individuals and questioned the 
reliability of Census Bureau data. The final rule includes the Web site 
address for the Census Bureau where the data is available. The American 
FactFinder on the Census Bureau's webpage, http://factfinder.census.gov/home/saff/main.html?_lang=en, provides 
statistics and data from the decennial census and other annual surveys. 
Decennial census statistics for MFI are currently recorded in table P77 
for each geographic area, and table P85 records the median earnings for 
individuals. The Census Bureau also collects information on the U.S. 
population, employment, and housing annually through the American 
Community Survey (ACS). MFI statistics collected through the ACS are 
reported in table B19113. Table B20002 records median earnings for 
individuals. NCUA will use the decennial census or ACS data, whichever 
is most beneficial to an FCU, when determining whether it qualifies for 
a LICU designation. When ACS data is not available for a geographic 
area, decennial census data will be used. Regarding the reliability of 
the data, the Census Bureau is charged with collecting information on 
the U.S. population, employment, and housing. See 13 U.S.C. 41. The 
final rule better aligns the low-income definition with the criteria 
for underserved areas and CDFIs, which rely on data from the Census 
Bureau. 12 U.S.C. 1759(c)(2); 12 CFR 1805.201. Therefore, the Board 
believes the Census Bureau is the appropriate source for data about MFI 
and median earnings for individuals.
    Three commenters recommended NCUA develop a process to permit FCUs 
to qualify using other criteria,

[[Page 71910]]

such as unemployment rates. In line with its statutory authority to 
designate low-income credit unions, the Board believes the criteria 
should be based on income. 12 U.S.C. 1752(5), 1757a(b)(2)(A), 
1757a(c)(2)(b). Additionally, the Board notes the parallel relationship 
between member income and unemployment rates.
    Two commenters were concerned the rule would require credit unions 
to reapply for the LICU designation annually and stated NCUA should 
assist CUs to obtain the data necessary to qualify as a LICU. As 
explained below, under the final rule, credit unions are not required 
to apply for a LICU designation. Instead, based on data obtained 
through examinations, a regional director will notify an FCU that it 
qualifies for a low-income designation, and FCUs that accept the 
designation will continue to have the designation, without any need to 
re-apply, as long as they meet the rule's criteria.
    Five commenters stated NCUA should permit current LICUs to maintain 
the designation permanently and only apply the new rule to new LICU 
designations. One commenter suggested the five-year grandfather period 
is insufficient because secondary capital investments are usually for a 
seven-to ten-year term. The Board does not believe the LICU designation 
should be permanent because LICUs need to continue to be serving low-
income members to fulfill the Act's intent. Nevertheless, the Board 
appreciates the need for transition periods. Current LICUs that do not 
meet the criteria of the final rule or those that lose the designation 
after initially qualifying will not immediately lose their designation. 
They will have five years to meet the LICU criteria or otherwise comply 
with the Act and NCUA regulations. The final rule also permits a 
regional director to extend the adjustment period when an FCU has 
secondary capital or nonmember deposit accounts with a maturity beyond 
the five-year grandfather provision.
    One commenter was concerned there may be unintended adverse 
consequences if the rule is finalized and suggested NCUA monitor the 
rule's effect on LICUs. NCUA staff has analyzed the impact the final 
rule will have on current LICUs and potential designees and determined 
more FCUs will likely qualify for the low-income designation under this 
final rule than under the current rule. Further, with the possible 
exception of one or two FCUs, the Board does not anticipate the final 
rule will adversely affect current LICUs. Additionally, this commenter 
stated LICUs losing the designation because of the change in income 
standard should have the right to appeal the removal to the Board. An 
FCU may appeal to the Board a regional director's determination that it 
no longer meets the criteria for a LICU designation, but not the loss 
of the LICU designation because of the change in the income standard.
    One commenter raised a concern that the rule does not adequately 
address LICUs that are not geographically based, e.g., single common 
bond CUs, multiple common bond CUs. Under the final rule, FCUs can 
qualify for a LICU designation under the new procedure regardless of 
their charter type.
    A commenter suggested NCUA consult with state supervisory 
authorities on implications of the regulation. The final rule does not 
change the state supervisory authorities' procedures for designating 
LICUs.
    Another commenter suggested NCUA coordinate this rule with recently 
proposed amendments to NCUA's Chartering and Field of Membership Manual 
regarding underserved areas to ensure consistency and facilitate 
outreach to underserved areas and low-income members. 73 FR 34366 (June 
17, 2008). As explained in the preamble to the proposed rule, NCUA is 
amending the low-income definition to, among other reasons, better 
align NCUA criteria for a low-income designation with the criteria for 
the addition of an underserved area to an FCU field of membership and 
certification as a CDFI. See 73 FR 22836 (April 28, 2008).
    Under the current rule, NCUA uses median household income to 
determine if a credit union qualifies for the LICU designation, and 
this is inconsistent with the field of membership (FOM) provisions and 
criteria for CDFI certification. Multiple common-bond FCUs may add an 
underserved area to their FOMs if, among other requirements, the area 
meets the definition of an ``investment area,'' as defined in Sec.  
103(16) of the Community Development Banking and Financial Institutions 
Act of 1994. 12 U.S.C. 1759(c)(2)(A)(i); NCUA Chartering and Field of 
Membership Manual, Chapter 3, II.A., Interpretive Rulings and Policy 
Statement (IRPS) 03-1, 68 FR 18334 (April 15, 2003) (as amended by IRPS 
06-1, 71 FR 36667 (June 28, 2006)). Treasury Department regulations, 
implementing the Community Development Banking and Financial 
Institution Act of 1994, include an MFI at or below 80 percent of the 
MFI for corresponding metropolitan area as a factor supporting the 
determination that an area is an investment area. 12 CFR 1805.201(b).
    Additionally, The Treasury Department's CDFI Fund, through monetary 
awards and other benefits, helps promote access to capital and local 
economic growth in urban and rural low-income communities across the 
nation. Qualifying credit unions obtain assistance from the CDFI Fund 
to offer financial services to and further economic development of low-
income members. The CDFI Fund uses MFI to implement the Community 
Development Banking and Financial Institutions Act of 1994, as 
described above.
    The use of MFI as a standard to determine low-income status will 
bring uniformity and consistency to the regulations, and should 
eliminate industry confusion regarding the low-income designation and 
application for an underserved area. Additionally, because credit 
unions may apply for financial assistance from the CDFI Fund, the Board 
believes it would be beneficial to align the low-income formula with 
the CDFI Fund criteria. This would reduce the regulatory burden on 
credit unions attempting to qualify for the advantages of receiving a 
LICU designation and benefits from the CDFI Fund.
    Two commenters suggested the Board should expand the rule to enable 
more FCUs to serve low-income and underserved people. As noted above, 
the final rule will likely allow more FCUs to obtain the low-income 
designation. The Board notes the rule does not limit service to low-
income or underserved people, and all FCUs are encouraged to serve low-
income and underserved people within their applicable fields of 
membership, regardless of whether they receive a LICU designation.

The Final Rule

    In order for an FCU to qualify as a LICU, a majority of its actual 
members must meet the definition of ``low-income members.'' The final 
rule amends the definition of low-income members and clarifies the 
procedures for designating an FCU as a LICU and removing the 
designation.
    Under the final rule, low-income members are those who earn 80% of 
the metropolitan area MFI or less. NCUA will make the determination of 
whether a majority of an FCU's members are low-income based on data it 
obtains during the examination process. This will involve linking 
member address information to publicly available information from the 
U.S. Census

[[Page 71911]]

Bureau to estimate member earnings.\1\ Using automated, geo-coding 
software, NCUA will use member street addresses collected during FCU 
examinations to determine the geographic area \2\ and metropolitan area 
\3\ for each member account. NCUA will then use income information for 
the geographic area from the Census Bureau and assign estimated 
earnings to each member. Using this method, if a majority of an FCU's 
members have estimated earnings equal to or less than 80% of the MFI 
for the metropolitan area, the FCU will qualify for a LICU designation.
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    \1\ Using Census Bureau reports, NCUA can obtain income 
information for various types of geographic areas, including a 
``census block.'' A census block is the smallest geographic area for 
which the Census Bureau collects and tabulates decennial census data 
and is an area bounded on all sides by visible features, such as 
streets, roads, streams, and railroad tracks, and by invisible 
boundaries, such as city, town, township, and county limits, 
property lines, and short, imaginary extensions of streets and 
roads. A census block may be the size of a city block, or many 
square miles of territory in rural areas.
    \2\ A ``geographic area'' is any State, the District of 
Columbia, American Samoa, Guam, the Northern Mariana Islands, Puerto 
Rico, the Virgin Islands, or any territory of the United States or a 
geographic unit that is a county or equivalent area, a unit of a 
local government, incorporated place, census tract, census block, 
Zip Code Tabulation Area, block group, or Native American, American 
Indian, or Alaskan Native area, as such units are defined or 
reported by the U.S. Census Bureau.
    \3\ A ``metropolitan area'' is an area designated by the Office 
of Management and Budget pursuant to 31 U.S.C. 1104(d), 44 U.S.C. 
3504(c), and Executive Order 10253, 16 FR 5605 (June 13, 1951) (as 
amended).
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    To ensure all eligible FCUs qualify for the LICU designation under 
the new procedure, median earnings for individuals may be substituted 
for MFI, and non-metropolitan area MFI data will be used when a member 
lives outside a metropolitan area. NCUA recognizes this approach means 
different MFI levels will apply in different parts of the country. This 
approach recognizes the concept of low-income as related to the cost of 
living and salaries in geographic areas. The Census Bureau, however, 
provides national statistics in addition by geographical areas and, to 
ameliorate potential disparity among geographic areas, the rule 
provides an FCU will also qualify for a LICU designation if a majority 
of its members are considered low-income when compared to the national 
metropolitan MFI.
    The rule also provides an alternative basis for an FCU to qualify 
for a LICU designation. An FCU may be able to demonstrate the actual 
income of its members based on data it has, for example, from loan 
applications or surveys of its members. An FCU may qualify as a LICU if 
it can establish a majority of its members meet the low-income formula. 
For example, an FCU with 1,000 members may be able to show the actual 
income of 501 or more of its members is equal to or less than 80% of 
the MFI for the metropolitan area(s) where they live. As a practical 
matter, the Board thinks few FCUs will need this option because NCUA's 
approach of matching member residential information with Census Bureau 
income information will provide an estimate very close to members' 
actual income.
    The proposed rule stated that a regional director ``will 
designate'' an FCU as a LICU ``if a majority of its membership 
qualifies as low-income members'' but did not indicate how an FCU would 
be informed of the designation, how an FCU would indicate that it 
wanted the designation, or whether an FCU could refuse the designation. 
The final rule clarifies that a regional director will notify an FCU 
that it qualifies, and an FCU will then have 30 days to notify the 
regional director that it wants to receive the designation. Thus, the 
final rule permits an FCU to refuse a low-income designation simply by 
opting not to notify the regional director that it wants to receive the 
designation. The final rule does not require state supervisory 
authorities to change the process or procedures they currently use for 
FISCUs to receive the LICU designation from state regulators.
    Additionally, the final rule clarifies the process for removing a 
low-income designation. If a regional director determines an FCU no 
longer meets the criteria for the LICU designation, the regional 
director will notify the FCU in writing. The FCU will have five years 
after the date of the notice to either requalify as a LICU or come into 
compliance with regulations applicable to credit unions that do not 
have a low-income designation. If an FCU does not requalify and has 
secondary capital or nonmember deposit accounts with a maturity that 
extends beyond the five-year adjustment period, a regional director may 
give the credit union additional time to satisfy the terms of any 
account agreements.
    An FCU may appeal to the Board a regional director's determination 
that it no longer meets the criteria for the LICU designation. The rule 
states an appeal must be filed within 60 days of the date of the 
regional director's notice. An FCU will submit its appeal through the 
appropriate regional office. On appeal, the Board will determine 
whether the regional director correctly applied the regulatory 
criteria. An FCU may not, however, appeal the loss of the LICU 
designation to the Board solely because of the change in the income 
standard in this rule.
    In addition to streamlining the proposed rule based on the 
comments, the final rule also revised some of the provisions in the 
proposal for clarity. The proposed rule noted, with a cross-reference 
to Sec.  701.32, that LICUs may receive shares from nonmembers. The 
final rule has eliminated this statement as unnecessary. The proposed 
rule also defined the term ``geographic areas'' and defined low-income 
members in terms of meeting the MFI criteria on the basis of earnings 
or the geographic areas where members live. The final rule has deleted 
the definition of geographic areas as unnecessary. As proposed, the 
alternatives of earning or residence were, in effect, redundant. As 
provided in the final rule, the LICU designation is based on 
calculating members' estimated earnings based on where they live, using 
data from the Census Bureau, and defining geographic areas in the rule 
is unnecessary as this is part of the data available from the Census 
Bureau.
    Finally, the final rule makes a conforming amendment to Sec.  705.3 
and clarifies that FCUs qualifying for the low-income designation under 
Sec.  701.34 may apply for assistance from the CDRLF. Part 705 and 
Sec.  701.34 continue to apply to state-chartered credit unions in 
accordance with Sec.  741.204. As stated above, there is no change in 
the process or procedures for FISCUs.

Regulatory Procedures

Regulatory Flexibility Act

    The Regulatory Flexibility Act requires NCUA to prepare an analysis 
to describe any significant economic impact any regulation may have on 
a substantial number of small entities. 5 U.S.C. 603(a). For purposes 
of this analysis, NCUA considers credit unions having under $10 million 
in assets small entities. Interpretive Ruling and Policy Statement 03-
2, 68 FR 31949 (May 29, 2003). As of December 31, 2007, out of 
approximately 8,410 federally insured credit unions, 3,599 had less 
than $10 million in assets.
    This final rule directly affects all low-income credit unions, of 
which there are approximately 1,087. NCUA estimates approximately 692 
low-income credit unions are small entities. Therefore, NCUA has 
determined this final rule will have an impact on a substantial number 
of small entities.
    NCUA has determined, however, the economic impact on entities 
affected by the final rule will not be significant. The rule aligns 
criteria for a low-income designation with the criteria for the

[[Page 71912]]

addition of an underserved area to a federal credit union field of 
membership under Interpretive Rulings and Policy Statement (IRPS) 03-1, 
68 FR 18334 (April 15, 2003) (as amended by IRPS 06-1, 71 FR 36667 
(June 28, 2006)) and certification as a CDFI. The final rule 
establishes one income standard for determining a low-income 
designation, underserved areas, and investment areas. It also 
eliminates the confusion within the credit union industry due to the 
use of different income standards. NCUA believes the final rule reduces 
the regulatory burden for LICUs and minimizes any economic impact. 
Additionally, the final rule contains a five-year period for affected 
LICUs to make necessary operational adjustments. Accordingly, the Board 
certifies this rule does not have a significant economic impact on a 
substantial number of small entities.

Small Business Regulatory Enforcement Fairness Act

    The Small Business Regulatory Enforcement Fairness Act (SBREFA) of 
1996, Public Law 104-121, provides generally for congressional review 
of agency rules. A reporting requirement is triggered in instances 
where NCUA issues a final rule as defined by Section 551 of the 
Administrative Procedures Act. 5 U.S.C. 551. The Office of Information 
and Regulatory Affairs, an office within OMB, has determined that, for 
purposes of SBREFA, this is not a major rule.

Paperwork Reduction Act

    In accordance with the Paperwork Reduction Act of 1995 (PRA), 44 
U.S.C. 3501 et seq., NCUA may not conduct or sponsor, and a person is 
not required to respond to, an information collection unless it 
displays a currently valid Office of Management and Budget (OMB) 
control number. The final rule now provides for FCUs, once they are 
notified that they qualify for the low-income designation, to notify 
the appropriate regional director that they wish to accept the 
designation. Although, in the past, FCUs have requested the designation 
from regional offices, the regulation did not address application 
procedures. The final rule, like the proposed, provides that NCUA will 
make the determination without requiring FCUs to apply. As FCUs will, 
however, be required to notify regional directors that they wish to 
accept the designation, NCUA believes this notification is a 
``collection of information'' within the meaning of section 3502(3) of 
the PRA. Additionally, FCUs that do not receive notification from the 
regional director but believe they qualify for the LICU designation may 
submit information to demonstrate they meet the criteria. NCUA believes 
this voluntary submission is also an information collection. NCUA has 
submitted the requirements of the information collections contained in 
the final rule to OMB for review and approval under section 3507 of the 
PRA and Sec.  1320.11 of OMB's implementing regulations. 5 CFR 1320.11. 
OMB approval is pending.

Executive Order 13132

    Executive Order 13132 encourages independent regulatory agencies to 
consider the impact of their actions on state and local interests. In 
adherence to fundamental federalism principles, NCUA, an independent 
regulatory agency as defined in 44 U.S.C. 3502(5), voluntarily complies 
with the executive order. The final rule will not have substantial 
direct effect on the states, on the connection between the national 
government and the states, or on the distribution of power and 
responsibilities among the various levels of government. NCUA has 
determined this final rule does not constitute a policy that has 
federalism implications for purposes of the executive order.

The Treasury and General Government Appropriations Act, 1999--
Assessment of Federal Regulations and Policies on Families

    NCUA has determined that this final rule will not affect family 
well-being within the meaning of section 654 of the Treasury and 
General Government Appropriations Act, 1999, Public Law 105-277, 112 
Stat. 2681 (1998).

List of Subjects

12 CFR Part 701

    Credit unions, Federal credit unions, Low income, Nonmember 
deposits, Secondary capital, Shares.

12 CFR Part 705

    Community development, Credit unions, Loans, Low income, Technical 
assistance.

    By the National Credit Union Administration Board, on November 
20, 2008.
Mary F. Rupp,
Secretary of the Board.

0
For the reasons stated above, NCUA amends 12 CFR parts 701 and 705 as 
follows:

PART 701--ORGANIZATION AND OPERATIONS OF FEDERAL CREDIT UNIONS

0
1. The authority for part 701 continues to read as follows:

    Authority: 12 U.S.C. 1752(5), 1757, 1765, 1766, 1781, 1782, 
1787, 1789; Title V, Pub. L. 109-351, 120 Stat. 1966.


0
2. Amend Sec.  701.34 by revising paragraph (a) to read as follows:


Sec.  701.34  Designation of low-income status; Acceptance of secondary 
capital accounts by low-income designated credit unions.

    (a) Designation of low-income status.
    (1) Based on data obtained through examinations, a regional 
director will notify a federal credit union that it qualifies for 
designation as a low-income credit union if a majority of its 
membership qualifies as low-income members. A federal credit union that 
wishes to receive the designation will notify the regional director in 
writing within 30 days of receipt of the regional director's 
notification.
    (2) Low-income members are those members who earn 80% or less than 
the median family income for the metropolitan area where they live or 
national metropolitan area, whichever is greater. A regional director 
may use total median earnings for individuals instead of median family 
income if it is more beneficial to a federal credit union when 
determining if the credit union qualifies for a low-income credit union 
designation. A regional director will use the statewide or national, 
non-metropolitan area median family income instead of the metropolitan 
area or national metropolitan area median family income for members 
living outside a metropolitan area. Member earnings will be estimated 
based on data reported by the U.S. Census Bureau for the geographic 
area where the member lives. The term ``low-income members'' also 
includes those members enrolled as students in a college, university, 
high school, or vocational school.
    (3) Federal credit unions that do not receive notification that 
they qualify for a low-income credit union designation but believe they 
qualify may submit information to the regional director to demonstrate 
they qualify for a low-income credit union designation. For example, 
federal credit unions may provide actual member income from loan 
applications or surveys to demonstrate a majority of their membership 
is low-income members.
    (4) If the regional director determines a low-income designated 
federal credit union no longer meets the criteria for the designation, 
the regional director

[[Page 71913]]

will notify the federal credit union in writing, and the federal credit 
union must, within five years, meet the criteria for the designation or 
come into compliance with the regulatory requirements applicable to 
federal credit unions that do not have a low-income designation. The 
designation will remain in effect during the five-year period. If a 
federal credit union does not requalify and has secondary capital or 
nonmember deposit accounts with a maturity beyond the five-year period, 
a regional director may extend the time for a federal credit union to 
come into compliance with regulatory requirements to allow the federal 
credit union to satisfy the terms of any account agreements. A federal 
credit union may appeal a regional director's determination that the 
credit union no longer meets the criteria for a low-income designation 
to the Board within 60 days of the date of the notice from the regional 
director. An appeal must be submitted through the regional director.
    (5) Any credit union with a low-income credit union designation on 
January 1, 2009 will have five years from that date to meet the 
criteria for low-income designation under paragraph (a)(1) of this 
section, unless the regional director determines a longer time is 
required to allow the low-income credit union to satisfy the terms of a 
secondary capital or nonmember deposit account agreement.
    (6) Definitions. The following definitions apply to this section:
    Median family income and total median earnings for individuals are 
income statistics reported by the U.S. Census Bureau. The applicable 
income data can be obtained via the American FactFinder on the Census 
Bureau's webpage at http://factfinder.census.gov/home/saff/main.html?_lang=en.
    Metropolitan area means an area designated by the Office of 
Management and Budget pursuant to 31 U.S.C. 1104(d), 44 U.S.C. 3504(c), 
and Executive Order 10253, 16 FR 5605 (June 13, 1951) (as amended).
* * * * *

PART 705--COMMUNITY DEVELOPMENT REVOLVING LOAN FUND FOR CREDIT 
UNIONS

0
3. The authority for part 705 continues to read as follows:

    Authority: 12 U.S.C. 1772c-1; 42 U.S.C. 9822 and 9822 note.


0
4. Amend Sec.  705.3 by revising paragraph (a) to read as follows:


Sec.  705.3  Definitions.

    (a) The term ``low-income members'' means those members defined in 
Sec.  701.34 of this chapter.
* * * * *
[FR Doc. E8-28076 Filed 11-25-08; 8:45 am]
BILLING CODE 7535-01-P