Eight community development credit unions will share $240,000 in grants from the National Federation of Community Development Credit Unions to help launch a program for senior citizens.

"Economic Security for the Low-Income Aging" will help older members with savings programs, low-interest loans, consumer counseling and debt reduction, according to the federation.

"Many credit unions already offer competitive loan and savings rates, as well as free checking accounts to their members, but through this program, we will help the credit unions chosen for the pilot to tailor their existing services to low-income seniors and those approaching retirement age," said National Federation CEO Cliff Rosenthal.

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