What types of Credit Unions are eligible to receive Non-Member and Nominee Deposits?
A credit union must have low-income designation from the National Credit Union Administration in order to be eligible to receive non-member deposits from the private sector. The credit union must also be in compliance with the current federal and/or state regulations regarding the eligibility to receive “non-member deposits” (at present, this limit is the larger of 20% of total shares and deposits or $1.5 million), or provide evidence of the waiver of this requirement by the NCUA.
