St. Louis Community Credit Union measures up to simply help low income residents.
The mixture of persistent poverty and small state legislation has made St. Louis вЂњa hotbed for fringe banking, check cashing and payday lendersвЂќ asking the average 450 % APR to borrowers whom can minimum manage it, states Patrick Adams, CEO of St. Louis Community Credit Union.
Which makes the town a fantastic spot to test out exactly just just how better to counter predatory lending, and $260 million St. Louis Community CU has stepped as much as the task. In ’09, the CU established Prosperity Connection, a nonprofit monetary training company, which often has partnered with community and faith-based teams and personal funders, including banking institutions planning to fulfill their Community Reinvestment Act demands, to create the RedDough Money Center. Continue reading