Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
EOC preparing to open CU in Fresno
FRESNO, Calif. (1/13/12)--Fresno (Calif.) Economic Opportunities Commission  (EOC)  is planning to establish the only EOC-operated credit union on the West Coast, which would be a community development credit union serving low-income residents to counter high-interest-rate payday lending in the area.

The credit union, Community First CU, would serve low-income and loan customers in Fresno and eight other counties, reported The Business Journal (TBJNow Jan. 9). EOC currently makes loans through a certified loan fund handled through Fresno's Community Development Financial Institution, which works through banks.

Banks prefer larger loans, EOC said in the article. The  proposed credit union would offer loans in the $5,000 to $10,000 range, including personal, auto and consumer loans. Community First CU will contract some of its operations to larger credit unions.

EOC has received permission from the Small Business Administration to serve eight additional counties from Bakersfield to Sacramento, and it is applying for inclusion in San Luis Obispo and Sonora, the article said.

EOC, which is already looking for an office for the credit union, is seeking donations, grants and low-interest loans to help fund it.


RSS





print
News Now LiveWire
CUNA: CUNA offices closed through Friday, News Now returns Monday http://t.co/a5xbLzQKDj
5 hours ago
Reminder: @CUNA's Madison, D.C. offices will be closed through Friday, open again on Monday. #NewsNow will publish Monday.
12 23 ago
MI dentist to match @CUDirect's $20K to @HurleyMedical as a result of #20for20 online voting http://t.co/hqmIc9LpK1 @CMNHospitals
12 23 ago
New #creditunion chartered in St. Louis - #LutheranFCU - by @TheNCUA http://t.co/faPfANGS0P. Only 3rd new FCU charter this year.
12 23 ago
Don't get hacked during the holidays-use these tips from @CUNA http://t.co/jEqxni6NhO #StoptheDataBreaches http://t.co/woIxPOIyys
12 23 ago