SEATTLE — Credit unions are not doing enough to protect market share being lost to payday lenders, a vice president of San Francisco-based Patelco Credit Union told Washington State CU executives.
"The nurses, teachers, police and health care workers" who patronize the payday shops in huge numbers "should be our members," declared Ed Swanson, Patelco's vice president of national accounts.
Addressing a break-out session at the annual convention of the Washington Credit Union League, Swanson pleaded with the CU execs to step up introduction of alternative products and services reaching out to low- and moderate-income members in a more aggressive fashion.
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