Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
CUs learn how to beat payday lenders to help young adults
AUSTIN, Texas (12/6/07)--There are more payday lending stores in the U.S. than McDonalds and Burger King restaurants combined, according to Lois Kitsch, national program manager of Real Solutions at the National Credit Union Foundation. Kitsch shared some insight on how credit unions can help young adults avoid payday lenders by offering alternatives at the Credit Union National Association’s Your Essential Strategies (YES) Summit in Austin. Credit unions should think about the following when deciding to offer payday loans: target market, product mix and delivery system, education, finding Generation Y employees and resources. “Remember that not all of Gen Y are college students,” Kitsch said. “In this country today, only about 70% of high school seniors actually graduate from high school. This dramatically decreases their earning power over their life times.” Credit unions must be ready to offer low-cost financial products for this very diverse market niche, she said. As an example, Kitsch mentioned the Appleton, Wis.-based Prospera CU’s GoodMoney program. GoodMoney is a collaboration with Goodwill Industries and the Financial Information Service Center, which places credit union services in Goodwill retail stores. GoodMoney provides short-term loans at lower rates than those of payday lenders, as well as check-cashing, money orders, bill payments and international wire transfers (News Now Oct. 10).
Other Resources

RSS print
News Now LiveWire
July 's Fed Bank's "FedFocus" has some interesting articles: incl cost/benefits of $1 currency 2 coin conversion ttp://tinyurl.com/nybmnhh
1 Day ago
Do you wish you were a News Now subscriber? Go here: http://t.co/7evfBSjeMx
1 Day ago
Financial education for student body key part of Altura #creditunion, UC-Riverside partnership #NewsNow http://t.co/Xp6OJd66o6
1 Day ago
.@VTcreditunions gains 200 new FB followers in just 2 wks to reach 1,000 http://t.co/I89xJcv4Jg
1 Day ago
.@CUNA is testifying on reg relief Tues,July 15 at 2 p.m. be4 Hs Fin Serv Subc. Here is the agenda and witness list: http://t.co/yBRhlmdqHt
1 Day ago