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American consumers lack enough savings to cover emergency expenses and have spent billions of dollars to obtain expensive, high-risk sources of liquidity. The low-income, underserved community struggles with poor credit and is often unable to obtain liquidity via traditional sources. These consumers have lost faith in big financial institutions, and as a result, companies that operate outside of the traditional banking space are moving further into the financial landscape, targeting these underserved consumers.
Community credit unions can better serve current and prospective members by offering more affordable and convenient options to obtain short-term liquidity. But historically, they have been impeded by complex regulations and untenable operational obstacles. Recognizing these obstacles, various regulatory agencies have signaled that changes are coming to ease the compliance burdens on banks and credit unions in an effort to encourage more small-dollar lending.
In this Webinar, Christopher Leonard will explain how credit unions can implement a short-term, small-dollar loan program that is efficient, affordable, and compliant, and will help you reach a segment you likely aren’t currently fully serving.