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Ohio CUs participate in payday loan hearing
SOUTH CUMMINSVILLE, Ohio (12/26/07)--A public hearing on payday lending in Ohio was held Dec. 19, with credit unions participating and spotlighting some of their alternatives to payday lending. Hearing testimony was given at the headquarters of Working in Neighborhoods in South Cumminsville, with Ohio Attorney General Marc Dann serving as the hearing’s coordinator (The Cincinnati Enquirer Dec. 20). Dann said in an interview that he believes that the payday lending model is broken from the consumers’ standpoint. Questions at the hearing often returned to alternatives to payday lending, such as the $1.226 billion asset Fairborn, Ohio-based Wright-Patt CU’s short-term loan program. Wright-Patt CU CEO Douglas Fecher explained that “StretchPay” loans, offered by several credit unions, charge a $35 fee for unlimited yearly access to a $250 loan, with an 18% annual percentage rate. Members take out about nine of these loans per year on average, often to pay off payday loans, Fecher added.
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