CUNA News Now: Seven CUs on board for Alabama league’s REAL Solutions

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BIRMINGHAM, Ala. (9/13/07)--The Alabama Credit Union League (ACUL) hosted its first REAL Solutions Partners meeting Sept. 6 to begin planning the group's next steps in meeting the financial needs of low-wealth and underserved households and communities in Alabama.

Seven Alabama credit unions were represented at a REAL Solutions Partners meeting in Birmingham, Ala., on Sept. 6. Partnering credit unions in the REAL Solutions program represent more than 230,650 credit union members in Alabama and $1.289 billion in assets. (Photo provided by the Alabama Credit Union League)

The meeting resulted in the decision to move forward on three initiatives: Alternatives to payday lending, Volunteer Income Tax Assistance (VITA) sites, and service to the Hispanic marketplace. Next steps will include gathering more information to cooperatively develop a plan to address the initiatives and then follow with implementation.

"With seven credit unions participating, representing a diverse cross section of economic and geographic lines, we anticipate being able to provide needed financial alternatives for those who need them," said Gary B. Wolter, ACUL president/CEO.

ACUL and the National Credit Union Foundation (NCUF) have teamed up to bring NCUF's signature program, "REAL Solutions for Low-Wealth Households" to credit unions in the state.

"REAL" stands for "Relevant, Effective, Asset-building, Loyalty-producing" services. It aims to migrate low-wealth households into economic empowerment. Participating credit unions will use business models, products and services that deliver financial services underserved markets need, want and can afford, with an emphasis on sustainability for the credit unions as well.

The first year's partnering credit unions represent more than 230,650 credit union members in Alabama and $1.289 billion in assets.

Partner credit unions include: Alabama CU in Tuscaloosa, Family Security CU in Decatur, Community CU in Gadsden, Listerhill CU in Muscle Shoals, Mutual Savings CU in Birmingham, NRS Community Development FCU in Birmingham, and Riverdale CU in Selma.

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