WALLINGFORD Conn. -- Twenty-one credit unions and the Credit Union League of Connecticut have signed on with REAL Solutions, the program run by the National Credit Union Foundation which seeks to help credit unions tailor their efforts to reach out to lower wealth members and communities.
The Credit Union League of Connecticut and 21 Connecticut credit unions have signed agreements with REAL Solutions, the league said.
"Our partnership with the REAL Solutions program enables Connecticut credit unions to provide consumers with viable alternatives to the for-profit payday lenders who charge triple-digit interest rates to people who can least afford them," said League President Kevin Chandler. "It's a natural fit for not-for-profit credit unions and it's the right thing to do."
"I am proud that Connecticut is participating in the REAL Solutions program," said Kathy Chartier, League Chair and President/CEO of Member Credit Union, one of the participating credit unions. "REAL Solutions will help Connecticut Credit Unions to do what we do best, serve our membership."
Credit Unions in 18 states are currently using REAL Solutions to help members get of debt to payday lenders as well as avoid payday loans to begin with as well as rebuild their credit and move toward a firmer financial position, according to the Foundation.
"We will follow the same format that has worked so well in other states when rolling out REAL Solutions," affirmed Mark Lynch, who is serving as the "Field Coach" to liaison between NCUF and Connecticut credit unions. "By combining our resources with the Credit Union League of Connecticut, Connecticut credit unions and their members will benefit from our shared experiences across the country."
NCUF took on REAL Solutions as its signature program in December of 2006 and will be working with up to 20 state credit union associations to implement the program this year. Over the next three years, REAL Solutions is projected to help more than 2,000 credit unions in 33 states provide new products and services to attract more than 250,000 low-wealth members.