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
Ohio CUs participate in payday loan hearing
SOUTH CUMMINSVILLE, Ohio (12/26/07)--A public hearing on payday lending in Ohio was held Dec. 19, with credit unions participating and spotlighting some of their alternatives to payday lending. Hearing testimony was given at the headquarters of Working in Neighborhoods in South Cumminsville, with Ohio Attorney General Marc Dann serving as the hearing’s coordinator (The Cincinnati Enquirer Dec. 20). Dann said in an interview that he believes that the payday lending model is broken from the consumers’ standpoint. Questions at the hearing often returned to alternatives to payday lending, such as the $1.226 billion asset Fairborn, Ohio-based Wright-Patt CU’s short-term loan program. Wright-Patt CU CEO Douglas Fecher explained that “StretchPay” loans, offered by several credit unions, charge a $35 fee for unlimited yearly access to a $250 loan, with an 18% annual percentage rate. Members take out about nine of these loans per year on average, often to pay off payday loans, Fecher added.
Other Resources

RSS





print
News Now LiveWire
Final field-of-membership rule tops April 30 NCUA agenda http://t.co/gFIhRhUCts
1 day ago
.@CUNA's @Nussle speaks to @VonnieQuinn about #StoptheDataBreaches and reg. relief. http://t.co/TMTubG9Afk
1 day ago
RT @NCUFoundation: .The Foundation's @hylandhighway with @NatlJumpStart President/CEO Laura Levine at #FLHillDay2015 today: http://t.co/ep5…
1 day ago
Seriously underwater homes rise, new-home sales tumble News Now: http://t.co/2LzWTkqnES
1 day ago
#NewsNow Cornerstone Foundation awards $71K in grants http://t.co/Y6D8K9rwWv
36 minutes ago