NEW YORK — The October 8 edition of Newsweek magazine has a an article on the ongoing controversy over payday lending and highlights the roles four credit unions are playing in helping their members avoid the expensive loans.
Jane Bryan Quinn wrote in her piece about the efforts at Langley Federal Credit Union in Newport News, Virginia; Summit Credit Union in Madison Wisconsin; USA Federal Credit Union in San Diego; and State Employees Credit Union in Raleigh, North Carolina.
The article also discusses the allegations brought by three former payday loan employees during a recent fight over the practice in Washington, D.C. William Harrod, Michael Donovan and Cameron Blakely alleged that their former employer, Check n Go took advantage of consumers and worked to hide ways they could escape punishing fee cycles. The company has denied the men's charges and is suing Donovan, a former manager.
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