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News Now

Washington
Short term-loans could increase CU market share Hood says
WASHINGTON (5/11/09)—The current economic climate presents Credit Unions with a “unique opportunity” to gain crucial market share by helping current payday loan customers transition into credit union members, National Credit Union Administration (NCUA) Vice Chairman Rodney Hood said. In a May 8 release detailing recent comments delivered to the 2009 meeting of the National Association of Credit Union Service Organizations (NACUSO), Hood said that CUs and related service organizations could “play a vital role in ending the downward cycle for consumers involved in payday lending,” by serving as a “dependable and honest partner” to consumers. Adding current payday loan customers to the ranks of credit union members would not only offer increased options to borrowers with short-term financial needs, but could also create a new revenue stream for CUs, Hood added.


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