Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Montana group Expand CU payday-loan pilots
HELENA, Mont. (2/25/10)--Credit unions piloting short-term loans are supported by an anti-payday lending coalition in Montana. The coalition, calling itself "400% is Too High," has proposed an initiative to cap the annual interest rates of payday loans to 36%. It aims to put high-interest payday lending and title loans on the state's election ballot. Tom Jacobson, executive director of Rural Dynamics, a nonprofit consumer education organization backing the initiative, described the predicament many borrowers find themselves in once they've gone to a payday lender (Public News Service February). There's no doubt families struggling to make ends meet need access to small loans, which is why pilot short-term programs at credit unions could be expanded, he added. He noted the loans are offered at 18% and have other benefits. "And we can actually start getting them [borrowers] the financial counseling, the financial education, and start building them towards economic independence rather than keeping them trapped," he said. The organization has garnered support from a number of groups such as AARP Montana and the Center for Responsible Lending.


RSS print
News Now LiveWire
NCUA confirmed earlier indications that there would be no National Credit Union Share Insurance Fund premium for 2014.
9 hours ago
.@NJCUL supported prized-linked savings legislation introduced in New Jersey state Senate.
9 hours ago
#creditunions emphasize co-op principles during National Co-op Month #NewsNow http://t.co/zEb9UFot1N
16 hours ago
Servicemember's spouse drives away with Bank on More's SUV thanks to #missouri #creditunions http://t.co/WvTrKxh0sV
17 hours ago
From @FHFA this a.m.: U.S. house prices up 0.5% in Aug. on seasonally adjusted basis from previous month. More here: http://t.co/1yVDOPggeX
18 hours ago