Recently, our own Bill Myers attended 2 day workshop put on by the National League of Cities and the U.S. Treasury Department to discuss how improved financial services can be delivered to underserved families. This is what he had to say about the event:
Does your credit union take a “one size fits all” approach to small-balance savings accounts? If so, you might be overlooking an important opportunity to encourage saving and help your low-wealth members develop a savings routine. Whether for emergencies or for future purchases, it’s more important than ever for low-wealth households to build savings. In this low-interest rate environment, traditional share savings accounts won’t provide the functionality, resources, and incentives that consumers need to take the savings plunge.
The payday loan industry has been ballooning in recent years, with estimates ranging from $18B to $40B dollars a year. With an average loan amount of roughly $350 and a term less than 30 days, these loans are estimated to service 20 million people in the US each year.
Join Nancy Pierce as she discusses what credit unions can do to provide a member-friendly alternative to these expensive loans.
RAISE Texas, United Ways of Texas, and the Internal Revenue Service – SPEC office have published a new toolkit entitled, “How to Start a VITA Site in your Community: Bringing More Dollars into the Local Economy While Supporting Families.”
Speaking of Refund Anticipation Loans, last week the Internal Revenue Service dramatically shifted the market by ending the RAL business with a single, much-delayed motion.
This is important info for any credit union in the VITA program, whether or not you’re offering RALs…
Except where otherwise noted, content on this site is licensed under a Creative Commons Attribution 3.0 Licenser
This site is best viewed in Internet Explorer 7, Firefox 3, or Safari 3.
