Bill Would Expand IDAs

WASHINGTON - Members of the House and Senate have introduced bills to expand Individual Development Accounts, which have provided matching deposits for thousands of credit union members across the country. The bills would build on the 50,000 IDAs created so far and add another 900,000. The program provides tax credits to participating financial institutions that match the savings of low-income participants, up to $500 a year. In introducing the House bill, Rep. Stephanie Tubbs Jones cited several credit unions in her homestate of Ohio for blazing a trail on the fledgling low-income savings program, including Faith Community United CU, Midwest Family CU and Fiberglass FCU.