BROCKTON, Mass. — Providing a kind of wake-up call to credit unions, Wal-Mart's big "Money Smart" venture into financial services is triggering an industry appeal to promote and brand more "unbanked" payday products.
Leading the charge among state leagues and individual CUs is the National Credit Union Foundation, which for months has spearheaded "REAL Solutions" offerings drawing in 261 participating CUs and 18 leagues.
Emblematic of the new "unbanked" push following Wal-Mart's announcement of 1,000 new stores and a prepaid debit card were calls two weeks ago by the leadership of the Massachusetts Credit Union League to support REAL Solutions. League officials cited the financial education mission of CUs contrasted to the profit motivation of the giant retailer.
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