NAPERVILLE, Ill. - Partner credit unions involved with Illinois’ REAL Solutions effort recently met at the Illinois Credit Union League (ICUL) to discuss their next steps in adding programs and/or products to serve low-wealth households, the league reported.
The ICUL noted that the state holds the distinction of having the highest number of participating credit unions during its first year in the REAL Solutions program with 30. All 30 Partners participated in a diagnostic interview with REAL Solutions field coach, Mark Lynch, who gathered information on products and services participating CUs are currently offering as well as areas of interest for future programs, products and services. Lynch compiled the data and presented it to the partners at a meeting.
Among the findings: 10 partner CUs currently have a “payday alternative” loan product; five partner CUs currently offer formal financial and credit counseling programs to members, and 16 partners offer informal programs.
The league said that 30 partner credit unions will focus on a number of REAL Solutions initiatives, including payday alternative loans, youth and young adult programs, immigrant outreach programs, member education, check cashing, and VITA (Voluntary Income Tax Assistance). Other focus areas include first-time homeowners programs, stored value cards, asset building savings programs, and safe accounts.(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com http://www.sourcemedia.com
