WASHINGTON — Representatives from the Pennsylvania Credit Union Association have been invited to testify before the FDIC's inaugural meeting of its Advisory Committee for Economic Inclusion (ComE-IN) regarding its Better Choice Program.
The meeting will take place March 28 at the FDIC's Washington, D.C. headquarters. Scheduled to present the Better Choice Program are PCUA's Chairman Norb Kaczmarek, CEO of Eire Federal Credit Union; Senior Vice President Michael Wishnow; and Associate Counsel Laurie Kennedy. The first ComE-IN meeting will be focused on affordable small dollar loan products, which is exactly what the association's Better Choice Program is. Forty-seven Pennsylvania credit unions are already in the program and the group is actively enrolling others, according to PCUA President/CEO Jim McCormack.
ComE-IN was established to advise the FDIC on expanding access to financial services, including reviewing basic retail financial services such as check cashing, money orders, remittances, stored value cards, short-term loans, savings accounts, and other services that promote asset accumulation by individuals and financial stability.
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"My interest in promoting economic inclusion for the underserved goes back many years…" FDIC Chairman Sheila C. Bair said in announcing the group last fall. "As part of this effort, we would like to work closely with the banking industry to explore ways to make affordable short-term loan products more accessible to those now turning to high-cost providers. We would also like to create ways to encourage individual and household savings for these borrowers. I see this as a win-win proposition for both the industry and consumers. FDIC Board approval to establish the Advisory Committee is an important first step toward reaching our goals."
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