Texas credit unions get a chance to "vote" on the ideal payday product model that best fits the needs of members under a plan put forward this week by the Texas Credit Union League and the National Credit Union Foundation.
"We felt that a common product or template can prove most helpful to Texas credit unions as they move forward with the REAL Solutions platform," explained Natasha Melugin, director of REAL Solutions in Texas and TCUL's representative.
In other states where REAL Solutions is being applied, a number of payday alternatives are often promoted but in Texas "we thought by allowing credit unions to pick what they want on rates, fees etc. it would be easier to administer and share common practices," said Melugin.
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Melugin said actual selection of the Texas payday model is due to take place at a special June 25 league meeting of the estimated 30 Texas CUs that are planning to offer payday alternatives.
In an e-mail sent this week, Melugin wrote "your credit union can be a part of creating the model and using it."
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