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Most CUs will provide wage increases for at least some of their employees, according to CUNA's just-released Small CU Staff Salary Survey.
St. L Post Dispatch on GAO report:Consumers may not benefit from altering Interchange system;would cut card competition. http://ow.ly/ETyX
CUNA's Hampel: Consumer holiday spending will be up slightly from last year. See Tues NN.
NCCUL and WOCCU met with Romanian CUs this week. The CUs are experiencing growth and want to increase their public relations efforts.
Kent Buckham has been named by NCUA as director of the newly created Office of Consumer Protection. The 7-person dept. launches in Jan.
S. Carolina CUs tout payday loan alternative products
COLUMBIA, S.C. (2/20/07)--South Carolina credit unions' efforts to counter payday lenders are gaining the media's attention.
A recent article by columnist Warren Bolton advised consumers who need cash and cannot call on friends for help to seek the aid of a credit union instead of paying payday lenders' typical annualized interest rate of 391% (The State Feb. 16).
Bolton based his advice on a recent survey by the South Carolina Credit Union League. The survey shows that the 21 participating credit unions offer small loans averaging $250 at an interest rate that ranges from 9% to 18%, with an average rate of 16.26%.
Several credit unions that offer small loans to help members avoid payday lenders were featured:
- Carolina Trust FCU, Myrtle Beach, offers members up to six months to repay micro-loans that have a maximum amount of $500. To gain approval, borrowers must be employed for six months and have direct deposit. No credit check is performed.
- Family Trust FCU, Rock Hill, will soon offer a payday alternative designed to encourage savings by placing 10% of the loan amount in a savings account. Savings withdrawals are not allowed until the loan is repaid.
- Founders FCU, Lancaster, combines small, flexible loans with free access to three full-time counselors who give financial advice to members.
- Brookland FCU, West Columbia, helps members escape the payday lending cycle with a 12-month loan of up to $1,500. The faith-based credit union offers the loans as part of its Getting Real About Christian Economics (GRACE) program.
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