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Michigan Credit Union League

Michigan CU Leaders Featured in Prominent News Articles

Two Michigan credit union leaders are making headlines for sharing their knowledge on issues of importance to credit union members and consumers.

Michael Poulos, the president/CEO of Michigan First CU, was featured in a recent U.S. News and World Report article where he shared his knowledge on making smart lending decisions.

The article entitled, “Six Mistakes Consumers Make When Taking Out Loans," cautioned against some of the dangers of taking out certain loans.

Poulos warned against certain pitfalls including co-signing a loan, not letting emotions dictate a loan such as a big date or expensive vacation and not thinking through the long-term consequences of a loan.

Click here to read the full article.

Another Michigan credit union leader, Dennis Greeno, the manager of Newaygo County Services Employees CU was featured in a Public News Service story. Greeno shared his insights about the payday lending expansion bill that was squashed in Michigan. The bill would have allowed for longer-term loans and higher fees.

Greeno said in some cases payday loans can end up having an effective interest rate of 600 percent.

The legislation was stopped in part with the help of the MCUL & Affiliates and the billboard campaign that urged lawmakers to vote the measure down.

"Sometimes I feel the more they can lend the person, the higher rates they can lend, they'll just jack it up and jack it up," Greeno told the Public News Service. "Most of these people are at their mercy. I've seen people that have had multiple cash-advance places, where they're borrowing from one to pay the other."

Some experts say the bill is likely to be reintroduced in the future.

Greeno says the payday lending industry needs more regulation, not more power.

Many Michigan credit unions offer short-term loans as alternatives to payday lending along with financial counseling to help people break the payday lending cycle. Click here to see the full article.

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2015-01-12 00:00:00