Pennsylvania Credit Union Association

PA's Credit Union Payday Lending Alternative Program Promoted in Chicago in July

6/19/2012
HARRISBURG – The Ford Foundation is assembling a group of its grantees at the Payday Loan Reform and Consumer Credit Innovation Convene at the Federal Reserve of Chicago and has invited the Pennsylvania Credit Union Association (PCUA) to present its Credit Union Better Choice program as a successful payday lending alternative. The invitation-only convene is being hosted by the Center for Financial Services Innovation, the Center for Responsible Lending, the National Federation of Community Development Credit Unions, and Woodstock Institute and being held July 12-13 in Chicago.

“We are pleased that these prestigious groups have recognized our program and have invited us to present,” said PCUA President/CEO Jim McCormack. “For more than five years, credit unions in Pennsylvania have been providing affordable short-term, small dollar loans to their members using the Credit Union Better Choice program. The money saved by these consumers is hard-earned dollars back into the family budget,” said McCormack.

Since launching in 2006, more than 53,000 Credit Union Better Choice loans have been issued to credit union members for short-term cash needs. Through the 79 participating credit unions across the Commonwealth, 53,714 loans were issued totaling nearly $26 million dollars since the program’s inception. More importantly, the program has saved borrowers more than $18 million over using a traditional payday lending product

Credit unions are financial cooperatives that provide affordable financial services to help their owner/members. The Harrisburg-based Pennsylvania Credit Union Association is a trade association that provides legislative, promotional, educational and operational support for more than 400 credit unions in Pennsylvania. These credit unions have assets in excess of $36 billion and serve more than 3.7 million members. For additional information about credit unions or to find a credit union near you, visit www.iBelong.org

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