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CU System
CU System briefs (06/28/2010)
* HARRISBURG, Pa. (6/29/10)--The Pennsylvania Credit Union Association's payday lending alternative, Credit Union Better Choice, was cited as an example of a successful alternative to payday lenders by the Federal Deposit Insurance Corp. (FDIC) in a report last week on the final results of FDIC's small-dollar loan pilot program. The pilot, launched in 2008, was a two-year case study aiming to show how banks can profitably offer affordable small-dollar loans as an alternative to high-cost credit products such as payday loans and fee-based overdraft programs (Life is a Highway June 28) ... * POUGHKEEPSIE, N.Y. (6/29/10)--Two branches of Putnam FCU will open Thursday as Hudson Valley FCU (Poughkeepsie Journal June 26). Putnam's board voted to merge with the Poughkeepsie, N.Y.-based Hudson Valley, effective Thursday. The branches are located in Carmel and Brewster. Putnam former chairman Albert R. White said it was increasingly apparent that small financial institutions can't keep up with members' evolving needs for additional products and services. Putnam had about $51.5 million in assets and 7,232 members. Hudson Valley FCU has about $2.8 billion in assets and 226,671 members ...


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