ARLINGTON, Va. -- NAFCU President/CEO Fred Becker had a letter published in the June 11 edition of BusinessWeek, calling attention to credit union efforts to provide a solid alternative to predatory lenders.
"Credit unions have long been, and will continue to be, at the front lines in the battle to eradicate unscrupulous lending practices," he wrote. "The Defense Dept. noted in an August, 2006, report that credit unions have demonstrated particular vigilance in their efforts to combat predatory lending on military bases. And Federal Deposit Insurance Corp. Chair Sheila Blair has applauded credit unions for developing short-term alternatives to payday loans."
Becker added, "The men, women, and families that make up the subprime lending market desperately need financial services, but they also need to be treated fairly and with dignity and respect. It's up to the financial services industry to create products and services that do that."