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A History Lesson on Consumer Lending

Posted by Susan Griffin

Oct 12, 2018 11:00:00 AM

Part 2: From the 1900s to the New Millennium

In the early 1900s, banks and finance companies were unwilling to lend to many poor laborers, who then turned to corrupt moneylenders and loan sharks, which defines the term predatory lending. Edward Filene, co-owner of the Filene Department Store (later referred to as Filene’s) wanted to give his workers a way to save their money or obtain credit when hard times hit. He formed a savings and loan association for employees which later became the Filene Employee's Credit Union. This helped to form the Massachusetts CU Association established in 1909 by Edward Filene. This later served as a model for the Federal Credit Union Act of 1934.1

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Topics: fintech, Credit Unions, financial institution, consumer, consumer lending, banks

A History Lesson on Consumer Lending

Posted by Susan Griffin

Oct 10, 2018 11:00:00 AM

Part 1: The Early U.S.

It’s always good to look back on how segments of banking originated based upon events or existing needs of the time. And, as the old cliché goes, you can't know where you’re going until you know where you’ve been. This is as much true in business as it is in life.

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Topics: consumer lending, banks, Credit Unions, financial institution, fintech, consumer

True Community in Financial Services

Posted by Danny Payne

Oct 3, 2018 11:00:00 AM

For those people that know me or follow me on social media … I am a long-time Cleveland sports fanatic. Outside of the 2016 NBA Championship by the Cleveland Cavaliers, it has been a life of suffering through some heartbreak and some bad teams. The team I love and give the most to is the Cleveland Browns. I am laughed at, the target of jokes, and often just asked, “Why?”

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Topics: Football, Community, Credit Unions, banks, relationships, small business, Customer Experience, consumer, customer satisfaction, Information Technology

Big Business in Small-Dollars

Posted by Mark Messick

Jul 11, 2018 11:00:00 AM

 

Perhaps you saw the bulletin issued recently by the OCC encouraging financial institutions to make small-dollar, short-term, consumer loans.  I did and for me it points to a big hole in the traditional lending net that needs to be mended (and not by credit card offers).  While our topic today doesn’t deal with consumer lending outright, the bulletin reminded me of three great reasons why today’s financial institutions should consider offering small-dollar loans to businesses.

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Topics: small business, Small Business Market, loans, consumer, financial institution, banking, Credit Unions, Loan Pricing, Financial Services Industry, Commercial Lending

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