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Anti-Payday Moves Open CU Doors, Say Leagues

DUBLIN, Ohio -- Credit unions here and in Pennsylvania were expecting this week to be stepping up their promotion of payday alternative products, including StretchPay and Better Choice, in the wake of major legislative and regulatory setbacks to the payday industry.

By Jim Rubenstein | Updated on June 03, 2008

DUBLIN, Ohio — Credit unions here and in Pennsylvania were expecting this week to be stepping up their promotion of payday alternative products, including StretchPay and Better Choice, in the wake of major legislative and regulatory setbacks to the payday industry.

“We’re in the business of building consumer wealth not stripping it,” said a spokesman for the Pennsylvania Credit Union Association in Harrisburg commenting on that state’s Supreme Court ruling last week striking down as illegal Advance America’s payday product offering $150 monthly fee plus 6% interest.

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