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The Sexy Side of Payday Loans

LAS VEGAS-During a payday lending panel at the Defense CU Council Summit at with NAFCU's annual meeting, retired Arkansas FCU CEO Hank Klein likened payday lending to sex education.

"It's just like sex education. Everyone wants the same thing. They want everyone to graduate without getting pregnant or getting STDs. Some say we should teach students abstinence. Others say, we know they're going to do it, so let's teach safe sex and hand out condoms," Klein explained. "Both groups are working toward the same end."

For CUs, it's: "Do we make [payday loans] because we're know they're using payday loans anyway? Or are we not helping them by continuing lending to them and getting them deeper into debt?"

The Never Ending BRAC

LAS VEGAS-Military-based credit unions all have their eyes on the latest Base Realignment and Closure list. The good news, according to one speaker at the Defense CUCouncil Summit, is there is life after BRAC. The bad news, according to another, is we have not seen the last of BRAC.

"Some people have been referring to [the latest BRAC list] as 'The Mother of All BRACs,'" said Roland Arteaga, executive director of DCUC. "But do the math. When they first started talking about BRAC, they said we needed to downsize by 25%. Even with this most recent round, we've still got about 10% to go."

Gary D. Duwabara, a project manager in the Office of Economic Adjustment-an agency created to help communities rebuild when a base closes or changes purposes-told attendees his office stands ready to lend a helping hand. Duwabara highlighted a number of communities that have turned BRAC into an opportunity to grow.

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