Michigan credit unions praised for IDA work

NORTHVILLE TOWNSHIP, Mi - Representatives from the Michigan Credit Union League, NCUA, the National Federation of Community Development Credit Unions (NFCDCU) and Michigan's state government were on hand recently to see the Michigan League recognize eight credit unions for their work with Individual Development Accounts (IDAs). IDA account holders deposit money in accounts that are designated for a specific purpose such as purchasing a home, getting a college degree or starting a small business. Government or non-profit groups match those deposits. The eight Michigan credit unions recognized for their efforts include Bethel A.M.E. Church FCU based in Chicago; Straits Area FCU in Cheboygan; Lansing Community CU; First Community FCU in Parchment; Forest Area FCU in Fife Lake; Westshore Community FCU in Muskegon Heights; Delta County CU in Escanaba; and Federal Employees of Chippewa County CU in Sault St. Marie. "You really are part of a movement," said Hubert Price, a former state representative and credit union manager who presented the awards. "This whole notion of IDAs for going back to school, buying a home, starting a business-that is what economic literacy is about, that is how you defeat predatory lending, that's how you keep people out of the clutches of payday lenders."