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News Now

CU System
Website spoofs predatory lending mentions CUs as option
MADISON, Wis. (11/27/07)--A website that spoofs predatory lenders and mentions credit unions as an alternative to predatory lending is sending out its message in cyberspace. The bogus Predatory Lending Association states on its home page that it “is dedicated to extracting maximum profits from the working poor by increasing payday loan fees and debt traps” The site continues: “The working poor are an exciting, fast-growing demographic that includes: military personnel, minorities, and most of the middle class.” Credit unions are mentioned once, in a section of the website titled “Myth vs. Reality.” It states a myth: “The working poor have other options beside payday loans.” Then the site states the reality: “The Payday Lending Associations is actively fighting credit unions that provide alternative lending options to the working poor.” The website also features a discussion site, a blog, a mailing list for people to join and keep abreast of developments in the payday lending area, a section in which users can write to their legislative representatives, and other features.
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