NEW YORK – The National Federation of Community Development CUs has awarded $240,000 in grants to eights CDCUs to help them expand programs aimed at securing the financial health of elderly members and the disadvantaged aging in their communities.
Savings programs, low-interest loans, consumer counseling and debt-reduction plans will be offered as the “Economic Security for the Low-Income Aging” campaign goes into action. Participating CDCUs are: Cooperative FCU, East River Development Alliance FCU, Fairfax County FCU, Holy Rosary CU, Mid-Cities Financial CU, North Side Community FCU, Opportunities CU and Pyramid FCU.
Participating CDCUs will be partnering with local economic security programs that provide one-on-one counseling to help seniors regain their economic footing. These programs will receive a total of $80,000 in grants from the Federation.
“Low-income seniors have been battered by debt, while others have been pummeled by rising prices, or preyed upon by so-called ‘payday’ lenders and unscrupulous debt consolidation scammers,” said Melanie Stern, program director for the Federation. “Our emphasis on economic security, offered at the local level by well-established, federally-regulated, and consumer-friendly credit unions, could be a real ray of hope.”
The Federation and the selected CDCUs will be collaborating with several national organizations working with older adults in implementing the campaign and in disseminating information gleaned from it, including the National Council on Aging, the National Disability Institute and others.
