The National Federation of Community Development Credit Unions announced a new program designed to help New York City area CDCUs offer payday loan alternatives last week.

The "Borrow and Save" loans will be available from at least two CDCUs in New York, the 3,700-member, $8 million Union Settlement Federal Credit Union in East Harlem and the 229-member, $139,000 Love Gospel Assembly Federal Credit Union in the South Bronx, the National Federation announced at a press conference.

But the loans will also be available at three other CDCUs across the country, including the 3,500-member, $11.5 million North Side Community Federal Credit Union in Chicago; the 38,000-member, $259 million Freedom First Federal Credit Union in Roanoke, Va.; and the 10,000-member, $90 million Santa Cruz Community Credit Union in Santa Cruz, Calif.

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