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Cool Cities Working Group Becomes Economic Solutions Council

The Cool Cities Working Group has explored opportunities for increased lending in micro business, sub prime, payday and other government lending programs as well as expansion of Individual Development Accounts (IDAs) and coordination of available grant programs.

This Group identified key initiatives for helping credit unions make a meaningful impact in their communities. These included the Career Transition Program (CTP), the Home Loan Payment Relief Program, Michigan State Housing Development (MSHDA) loan programs for Property Improvements and Affordable Mortgages as well as StrechPay, a payday loan alternative for credit unions. To learn about these programs in detail, click on them in the index.

Payday Lending

Working Group members explored short term loan programs that credit unions could implement to provide consumers with an alternative to payday loans and have brought StretchPay, a credit union salary advance alternative, to the League for credit unions to join. This program provides a great payday loan to credit union member. For more information and to learn more about StretchPay, click on StretchPay in the index.

Economic Solutions Council

This Council focus will be on researching, developing and implementing new lending programs that will help credit unions individually and collectively respond to major economic challenges facing the state and credit unions and their members.

The Council will gather examples of best practices by individual credit unions for lending programs that demonstrate credit unions commitment to offering non-traditional lending programs.

Economic Solutions Council Members

Chair: Theodore Parsons: CEO: Omni Community Credit Union
Vice Chair: Robin Johnson: Executive VP: Cornerstone Community Financial FCU