Conservative Viewpoints

"Government is not the solution…it is the problem" -Ronald Reagan

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Credit Unions speaking out against payday lenders and FOR solutions

Posted by Stephen on June 16, 2007

Credit unions have long been, and will continue to be, at the front lines in the battle to eradicate unscrupulous lending practices.

The Defense Dept. Noted in an August, 2006, report that credit unions have demonstrated particular vigilance in their efforts to combat predatory lending on military bases. And Federal Deposit Insurance Corp. Chair Sheila Blair has applauded credit unions for developing short-term alternatives to payday loans.

The men, women, and families that make up the subprime lending market desperately need financial services, but they also need to be treated fairly and with dignity and respect. It’s up to the financial-services industry to create products and services that do that.

Fred R. Becker Jr.
National Association of Federal
Credit Unions
Arlington, Va.

Views expressed by OpEd writers do not necessarily reflect those held by management of Conservative Viewpoints.


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