CHICAGO — The National Credit Union Foundation's eighth Innovation Grant this year is going a community development credit union that seeks to help its members with predatory car loans. The NCUF's Innovation Grants support the goals of its Real Solutions program.
The $7 million North Side Community Federal Credit Union stressed the importance of having access to an auto for lower income credit union members.
"Without affordable auto loans," North Side Community FCU CEO Ed Jacob observed, "many low-wealth families are unable to access the expanded job and housing opportunities that a car can help provide."
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In an underserved area where many sub-prime auto lenders charge much higher rates than the 18% federal usury limit, North Side Community FCU will use its grant from NCUF to reach members who need to refinance sub-prime loans. The credit union will also target "upside down" loans, where members' outstanding balance exceeds their car's value.
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