Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Illinois CUs take next steps with REAL Solutions
NAPERVILLE, Ill. (6/11/08)--Partner credit unions involved with Illinois’ REAL Solutions effort recently met at the Illinois Credit Union League (ICUL) headquarters to discuss their next steps to add programs and products to serve low-wealth households. REAL Solutions is designed to help credit unions offer services that have proven successful in serving people of modest means, working families and low-wealth households. REAL Solutions is a National Credit Union Foundation program offered nationwide. Thirty credit unions have signed up for REAL Solutions in Illinois, ICUL said. The credit unions will focus on a number of initiatives, including payday alternative loans, youth and young adult programs, immigrant outreach programs, member education, check cashing and voluntary income tax assistance (VITA). Other focus areas include first-time homeowner programs, stored-value cards, asset building savings programs and safe accounts. During the meeting, credit unions participated in a diagnostic interview with REAL Solutions field coach Mark Lynch, who gathered information on products and services that the participating credit unions offer and areas of interest for future programs. The group found that:
* Asset size for partner credit unions ranges from less than $1 million to more than $1 billion; * Ten partners have a payday alternative loan product; * All partners said they want to learn more about payday alternative loan products; * Five partners offer formal financial and credit counseling programs to members, while 16 offer information programs; and * All 30 said growth is a primary business focus.
The next meetings are scheduled for June 26 and July 23 at the ICUL. At the meetings, speakers will present information on payday lending and VITA.
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
12 hours ago
Do you wish you were a News Now subscriber? Go here: http://t.co/7evfBSjeMx
13 hours ago
Financial education for student body key part of Altura #creditunion, UC-Riverside partnership #NewsNow http://t.co/Xp6OJd66o6
14 hours ago
.@VTcreditunions gains 200 new FB followers in just 2 wks to reach 1,000 http://t.co/I89xJcv4Jg
14 hours 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
17 hours ago