Real Solutions - A National Credit Union Foundation Program

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…

The immigrant population is the fastest growing emerging market and credit unions have a tremendous opportunity serve them. Whether through language classes, unique product offerings, or partnerships with community groups, credit unions are poised to help this market succeed.

This article is the eighth installment in a monthly series of interviews designed to provide REAL Solutions® League Liaisons and other league staff up-to-date strategies used by their peers to grow their REAL Solutions® efforts. This interview describes the efforts of the Michigan Credit Union League to enable several credit unions to join forces in order to offer a prize-linked savings product with a headline-grabbing grand prize, and to share in the costs of product development, marketing, legal, and ongoing administration. Please learn more from this interview with Stacy Dugan, CRI Coordinator for the Michigan Credit Union League, and Executive Director of the Michigan Credit Union Foundation. (read more...)

Debra Chandler, the National Credit Union Relationship Manager from the IRS, has put out a call to complete a short survey about credit union participation with the VITA program. Please take a few short moments to review the survey and respond.

If you’ve ever met someone who’s gone through Development Education (DE) training, you know it’s an experience no one ever forgets. “Life-changing” is a descriptor that’s come up more than once in conversation. If you haven’t, or have never heard of DE, let’s talk for a second…

I love to go to league meetings. It is a chance to really connect to credit unions and see what they are thinking and what is working for them. Next week I will be right here in Orlando for the League of Southeastern Credit Unions Annual Convention. I spent many years working for credit unions in Florida and know many of the folks from here. So it is always good to catch up.

We asked our field coaches to tell us about an interesting REAL Solutions project they’re working on. Here’s what they told us:

Mark Lynch is working with the Massachusetts League and two credit unions in that state to build a partnership with their Brazilian community. Specifically, he says...

In a recent Business Times article, Professor Emeritus Lewis Mandell shuns standard financial literacy education. He says: "I'm very pessimistic. I have been doing research continuously, tracking levels of financial literacy which have not gotten any better, and also attempting to measure the impact of educational programmes. The research gives no reason for optimism."