Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Better Choice has saved consumers 6.7 million
HARRISBURG, Pa. (8/14/09)--Credit unions have issued more than 20,000 loans, for a total of $9.3 million since the Credit Union Better Choice payday loan alternative program began in 2006. By using the credit union option instead of payday lenders, consumers saved $6.7 million in the process. Since the program began, 82 credit unions with 215 locations have offered the program, with additional participants continuing to sign on, the Pennsylvania Credit Union Association (PCUA) announced Thursday. During the first six months of 2009, the program loaned 5,291 loans totaling $2.5 million, PCUA said. Pennsylvania consumers saved an average 80 cents in loan fees and costs for every dollar borrowed through the program. In addition to the $6.7 million saved from fees, borrowers placed $937,281 into savings accounts for future needs. "When consumers are in need of cash, credit unions have stepped in to fill this void with affordable short-term loans," said Jim McCormack, PCUA president/CEO. He noted the credit unions are offering financial coaching to borrowers to help them budget and manage money. The program is a partnership between PCUA and the Pennsylvania Treasury Department. It will be the topic of the next "Pennsylvania Newsmakers" program airing across the state. Keith Welks, deputy state treasurer, and Mike Wishnow, PCUA senior vice president of communications and marketing, are featured explaining the results of the Credit Union Better Choice program and how it has helped state employees who faced payless paydays last month during the state's budget impasse.
Other Resources

RSS print
News Now LiveWire
Today's #NewsNow preview of @CUNA board chair Dennis Pierce's testimony before @SenateBanking http://t.co/XgQ81Fn7wR
40 minutes ago
Fazio: @TheNCUA supports Privacy Notice Modernization Act, which allows FIs to send privacy policy notifications only when policy is changed
45 minutes ago
Fazio: Hard to give timeline for when NCUA risk-based capital rule will be finalized...I can say it's the agency's top reg. priority
48 minutes ago
(2of2) NCUA is aware of importance of scaling regulatory, supervisory and assistance prgrms to address unique circumstances of small CUs.
59 minutes ago
.@TheNCUA's Larry Fazio: W/ 1/3 of CUs having less than $10M in assets and 2/3 of CUs having less than $50M in assets...(1of2)
1 hours ago