WASHINGTON — The $13.6 billion State Employees' Credit Union's payday loan alternative program has drawn the attention of USA Today.
The newspaper paper outlined the program as part of a broader story on credit union efforts to bring payday loan alternative products to their members.
The article quotes credit union leaders as well as the spokesman for the Community Financial Services Association, a trade association representing payday lenders, and NCUA Board Chairman JoAnn Johnson.
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The article particularly quoted Jim Blaine, SECU's CEO on the fact that the alternative payday loans are not financial losers for the CU. The story reported that the 4% default rate on the loans that Blaine includes in a presentation on the topic is actually higher than the real default figure. "We don't put that in there," the paper quoted Blaine as saying, "because people don't believe it."
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