The Pennsylvania model on payday alternatives has now become something for banks to look at, according to the FDIC which in a rare step invited officials of the Pennsylvania Credit Union Association and NCUA to discuss Better Choice.
Appearing at an Oct. 22 Washington hearing on payday products banks might offer "on a profit basis" were Michael Wishnow, senior vice president of communications and marketing at the PCUA, and NCUA Staff Attorney Justin Anderson, who did not speak at the session.
"This is the second time we have been invited to testify in front of FDIC Chairman Sheila Bair, and it was both extremely rewarding and humbling to know that we are among the national leaders in helping low- and moderate-income working consumers move toward economic self sufficiency," said Wishnow.
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