consumer loan reform

Cooperative Credit: Community credit unions drive down the cost of emergency credit

Written by Tom Feltner on July 25, 2007 - 4:00pm

“In addition to enacting consumer protections for the payday loan industry, increasing the number of lenders competing to provide affordable short-term loans is critical to driving down the cost of credit,” said Williams.

As part of this strategy, Woodstock Institute conducted an 18-month evaluation of the short-term loan products offered by six credit unions participating in a joint program offered by the National Federation of Community Development Credit Unions and JP Morgan Chase.

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