Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 1105 - Credit Union Commission
Chapter 3 - Credit Union Membership and Chartering
Section 20 CSR 1105-3.012 - Definition-Low-Income or Underserved Community

Universal Citation: 20 MO Code of State Regs 1105-3.012

Current through Register Vol. 49, No. 6, March 15, 2024

PURPOSE: This rule defines terms that are used in Missouri credit union law, Chapter 370, RSMo, in the manner that it will be used by the Credit Union Commission and the Division of Credit Unions when implementing Chapter 370, RSMo.

(1) A low-income or underserved community is an area that is any of the following:

(A) That wholly consists of or is wholly located within an empowerment zone or enterprise community designated under section 1391 of the Internal Revenue Code ( 26 U.S.C. 1391 );

(B) Where the percentage of the population living in poverty is at least twenty percent (20%);

(C) In a metropolitan area where the median family income is at or below eighty percent (80%) of the metropolitan area median family income or the national metropolitan area median family income, whichever is greater;

(D) An area outside of a metropolitan area, where the median family income is at or below eighty percent (80%) of the statewide non-metropolitan area median family income or the national non-metropolitan area median family income, whichever is greater;

(E) An area where the unemployment rate is at least one hundred fifty percent (150%) of the national average; or

(F) An area meeting the criteria for economic distress that may be established by the Community Development Financial Institutions Fund of the United States Department of the Treasury.

(2) A credit union requesting the ability to serve a geographic area must document that the community is a low-income or under-served community.

*Original authority: 370.062, RSMo 1998; 370.063, RSMo 1998; and 370.081, RSMo 1998, amended 2007.

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