National CU Foundation to Host GAC Breakout Session: “Real Solutions to Members’ Payday Loan Needs”
|To help credit unions provide “Real Solutions to Members’ Payday Loan Needs,” the National Credit Union Foundation (NCUF) will host a breakout session at CUNA’s Governmental Affairs Conference on Feb. 26.|
From 3:30-4:45 PM in the Hilton Washington’s West International Ballroom, this session is an opportunity for attendees to learn about products that prevent credit union members and potential members from being victimized by for-profit payday lenders.
“Ninety percent of revenues from payday lenders are based on fees from trapped borrowers,” notes session moderator Lois Kitsch, NCUF’s REAL Solutions national program director. “And a large number of credit union members are getting caught in the payday lending trap at other lenders.”
Credit union leaders at the session will reveal how they provide lower-cost alternatives that meet members’ needs – and even attract new members:
“Providing alternatives to payday loans is a sound business decision, social decision, and advocacy decision,” observed Kitsch. Her REAL Solutions team is working with leagues in 15 states to help credit unions offer replicable payday loan alternatives and a wide range of needed services for low-wealth households.
- Doug Fecher, president/CEO, Wright-Patt CU, Fairborn, Ohio
Wright-Patt CU’s “StretchPay” program qualifies members for short-term cash advances regardless of credit history as long as they have no delinquent CU accounts and aren’t filing for bankruptcy.
- Brett Noll, senior VP/chief marketing officer, Langley FCU, Hampton, Va.
Langley FCU’s “QuickCash” program is an alternative to numerous payday lenders that target the area’s high concentration of military personnel.
- Wendy Rohrer, assistant vice president of lending, Summit CU, Madison, Wis.
Summit CU’s “Quick Money” loans qualify members at least 18 years old with direct deposit as long as they have no charge-offs or delinquencies over 10 days.
NCUF is funding REAL Solutions as its signature program through earnings on the Community Investment Fund (CIF), which is available at all corporate credit unions.