Micro-Lending Pioneer Plans American-Style CU
RALEIGH, N.C.-Muhammad Yunus, the 2006 Nobel Prize winner for developing a micro-lending institution in his native Bangladesh, is planning to use his framework to develop credit unions in the U.S.
Yunis has been working with North Carolina regulators; The Center for Community Self-Help, which operates the leading community development credit union; and State Employees CU, which might offer back-office assistance.
Yunis has started a U.S. version of his Grameen Bank, called Grameen America, in the Jackson Heights neighborhood of Queens, N.Y., which has lent $1.2 million to 440 self-employed, low-income women.
Power Still Out For Some Members In Kentucky
LOUISVILLE, Ky.-More than seven days after ice and snow blanketed this state, many CU members' homes were still without power late last week.
"Damages are easily expected to double those of Ike, possibly reaching over $400 million. Our governor has asked the president to declare the state a disaster area," said Kentucky league's Debbie Painter
Ice that covered power lines thawed when temperatures touched 40. But Painter said that only made problems worse. "We thought that would help. But the ground softened and it was difficult, if not impossible, to get repair trucks where they were needed in rural areas. Workers had to go on foot and then climb the electric poles. That really slowed things down."
No CU facilities were damaged, but many were without power for several days, Painter reported. While apparently no CU members were harmed, six deaths resulted from the storm, most from problems with kerosene heaters and portable generators. The league itself is still recovering, having gone without power for a week and suffering water damage from leaks in the roof.
