Oregon Governor applauds Oregon’s credit unions for payday loan alternatives
Governor Ted Kulongoski held a press conference at Unitus Community Credit Union yesterday to announce a new resource in an attempt to consumers avoid high-interest payday loans.
The Credit Union Association of Oregon (CUAO) and the Department of Consumer & Business Services (DCBS) created a partnership earlier this year to provide information to the general public about payday loan alternatives.
Beginning in August, the CUAO and DCBS are sponsoring a public education announcement about payday lending alternatives, which will air on television and radio stations throughout Oregon. The public education announcement leads consumers to resources where they can locate information about the short-term loan products Oregon credit unions are providing.
Each of the programs offered at participating credit unions throughout the state, including Unitus Community Credit Union, have significantly lower interest rates and fees than payday lenders.
Oregon’s credit unions encourage their members to participate in a broad range of free financial education seminars and workshops, including budgeting, managing a checking account, investing and understanding credit reports and credit scores, in addition to seeking out the credit union alternative to payday lending.
 
Angela Martin, second from left, Oregon State Rep. Jackie Dingfelder, Governor Ted Kulongoski, Unitus Chief Executive Officer Pat Smith, and Oregon State Rep. Jeff Merkley at the press conference to announce consumer loan alternatives held this week.
Pat Smith, CEO of Unitus Community Credit Union and co-chair of CUAO’s government affairs committee, said, “I know I speak on behalf of all credit unions in this great state when I say that serving the financial needs of our community neighbors is our primary objective. As not-for-profit financial institutions, we take that charge seriously.”
Oregon’s credit unions view this awareness campaign as part of their larger responsibility to educate consumers about financial issues to help them gain control of their finances and improve their lives.
The Credit Union Association of Oregon (CUAO) is a nonprofit, professional trade association representing Oregon’s state- and federally-chartered credit unions. Since 1936, CUAO has been at the forefront of credit union issues at the state, regional and national level, and provides a voice for Oregon’s 1.3 million credit union members.
Unitus Community Credit Union is a not-for-profit, member-owned financial institution serving people living or working in Multnomah, Washington, Clackamas, Marion, Polk, and Yamhill county.
