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CU's Need to Learn from Payday Lenders, Researcher Says

WASHINGTON -- A reporter and research fellow at the New America Foundation said both credit unions and banks have a lot to learn from check cashers and payday lenders about reaching out to lower income and underbanked communities.

By David Morrison | Updated on November 24, 2008

WASHINGTON — A reporter and research fellow at the New America Foundation said both credit unions and banks have a lot to learn from check cashers and payday lenders about reaching out to lower income and underbanked communities.

Douglas McGray is an Irvine fellow at the foundation and the author of Check Cashers, Redeemed, an article which ran in the Nov. 7 New York Times which looked at why some people use check cashers and payday lenders and how they operate. McGray also participated in the Foundation’s roll out of its Community Banking Trust proposal on Nov. 20.

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