PLYMOUTH, Mich. (12/18/07)--The Michigan Credit Union League (MCUL) will host a “Mortgage Crisis Summit” Jan. 10, in response to the growing mortgage foreclosure crisis in the state. The purpose of the summit is to initiate dialogue on what the league and credit unions can do to assist consumers. Participants include credit union CEOs, mortgage professionals and credit union service organization leadership (Michigan Monitor
Dec. 17). MCUL senior management has identified several areas in which the credit union industry could be a catalyst for positive change:
* A consumer mortgage hotline; * Credit counseling; * Consumer financial education; * Public/private partnerships; and * Public service announcements.
Also, the MCUL board of directors has approved the creation of a new league staff position--financial education coordinator--to manage, coordinate and deliver financial education and youth consumer financial training programs to credit union members and consumers. Creation of the position will allow the league to help consumers cope with the state’s ongoing mortgage crisis, said MCUL Executive Vice President Patrick La Pine. “The current mortgage crisis has drawn greater attention to the need for adult consumer financial education, and in this area our efforts haven’t been as effective as they could be,” La Pine said. “Despite 85% of credit unions offering free financial education, many members simply do not take advantage of the opportunity. “This financial education is particularly important in low-income areas where, unfortunately, the majority of predatory lending takes place,” he added. Recruiting for the position has begun.