In a novel twist to payday lending, a Phoenix credit union, the $1.1 billion Arizona State, has agreed to a partnering pact with a Tucson health care employer to help its workers "break the debt cycle" to payday shops.
The $863 million Orange County Credit Union has taken contributions from its staff and turned them into care packages for U.S. troops serving in Afghanistan.
House Financial Services Committee Ranking Member Spencer Bachus (R-Ala.) and other leading Republicans on the committee announced the introduction of a bill today aimed to curb unscrupulous lending practices.
After peaking at $216 billion in March, surplus funds dipped in May as member loan demand outpaced deposit inflows, according to CUNA Mutual Group's latest Credit Union Trends Report.
