Matz: Do More To Help The Poor
NCUA board member Debbie Matz is calling upon credit unions to do more for low-income communities.
In remarks before Southwest Corporate's Economic Forum Matz said, "Today there are more people than ever who need affordable financial services. All across America, in cities, rural areas, and now even in suburbs, the vast majority of workers have lost real income. And a record 36-million people-one out of every eight people in America-fall below the poverty line. This means an increasing number of families with two adults and two children are struggling to live on incomes below $18,660 a year. Nearly one out of three single mothers is living on even less."
Matz offered several examples of credit union services that will help consumers recover- including alternatives to predatory lending, risk-based loans, affordable mortgages, and financial education.
"Offering these services to everyone in your field of membership is good business," Matz concluded. "The new members will diversify your membership base, and the new loans will diversify your balance sheets -effectively spreading your risks and making your credit unions even stronger."