Woodstock Institute To Evaluate CUs'Payday Loan Programs

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CHICAGO - (08/04/04) -- The Woodstock Institute, a communityreinvestment think tank, said it has agreed to work with theNational Federation of Community Development CUs to study creditunions' efforts to develop alternatives to payday loan programs.The Federation recently received funding from JP Morgan Chase tofund pilot payday loan alternatives for several CDCUs. TheWoodstock Institute, which has studied credit unions' communityinvestment programs in the past, will evaluate the programs'flexibility, underwriting, administration and encouragement offinancial literacy and savings.

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