Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ALEXANDRIA, Va. – Pentagon Federal Credit Union said Wednesday it has selected three test areas – metro Washington, Fayetteville, N.C. and Killeen, Texas – for the rollout in June of a foundation-backed program combating payday lenders. The program, called ARK (Asset Recovery Kit) aims at allowing members for a $6 flat fee to obtain up to $500 in loans provided participants take part in financial counseling seminars on the road to their own financial health. ARK, first unveiled last November, is being offered through the year-old PFCU Foundation which seeks to raise $500,000 to support the program, Roderick Mitchell, president of the Foundation and senior vice president for community development at PFCU, said the funds would go toward paying counselor salaries and marketing to operate the offices. The Washington site yet to be determined, he said, would serve Fort Belvoir and various other military bases in D.C., Virginia and Maryland. The Fayetteville facility would serve Pope Air Force Base while the Texas unit would handle the Fort Hood Army installation. Separately, Mitchell will “provide the negative side” in a debate with the head of the national payday lenders trade group, the Community Financial Services Association of America, during the annual workshop session of the American Society of Military Comptrollers slated June 3 in Cleveland, said a spokesman for the Alexandria-based ASMC.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.