BROCKTON, Mass. — The $1.4 billion HarborOne CU, determined to set a model for U.S. credit unions in aiding beleaguered homeowners during the current mortgage turmoil, has set next Monday, Sept. 17 as the grand opening for its "Multicultural Banking Center."
The facility, being housed in vacant HarborOne property, is thought to be the only one of its kind in the country devoted exclusively to financial education on payday lending and mortgage gimmickry for the migrant community.
Invited to speak at the ceremony for the facility, which the CU heralds as a cornerstone for CUs "to do real education" on payday alternatives and foreclosure prevention, is Massachusetts Gov. Deval Patrick along with local civic leaders.
"With credit unions looking for ways to help out their members during the current mortgage crisis, our center is a good example of how the industry can devote more of its resources to financial education," said Leo MacNeil, senior vice president of HarborOne.
The Banking Center, said HarborOne, will be offering free instruction and training to the CU's diverse immigrant and low-income population on such topics as payday alternatives and steering clear of mortgage gimmicks.
"Low-income residents, minorities and immigrants have fallen prey to these predators because of lack of information and lack of trust in the traditional financial system," said James Blake, president/CEO.
The center will offer courses in the basics of personal finance, credit counseling, first-time home ownership, foreclosure prevention, and other subjects.
Because many of the victims of predatory financial practices have a limited understanding of English, these courses will be taught in Spanish, Portuguese and French in addition to English. Courses on English as a second language will also be offered.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.