Credit unions should have equal opportunity to issue letters of credit (LOCs) when it comes to the Federal Communications Commission’s (FCC) Rural Digital Opportunity Fund. America’s Credit Unions addressed needed parity with banks within the FCC broadband funding programs in a letter to the commission sent Monday.
There is a current requirement for fund recipients to acquire LOCs from an FDIC-insured bank with a Weiss rating of B- or higher. The FCC issued a Notice of Proposed Rulemaking (NPRM) to ease various issues with its LOC requirements, providing an opportunity to make the change. America’s Credit Unions’ letter asks the FCC to address this oversight and revise its rules to enable credit unions with the same Weiss rating and insured by the NCUA to issue LOCs for any Commission program requiring one.
Read comments here.
