NEW YORK CITY - Municipal Credit Union (MCU) has made a Clinton Global Initiative (CGI) Commitment to Action. MCU's commitment called the "Safe Alternative to Payday Loans for Working Americans 2014" is a new emergency "Step Line of Credit" loan product designed to help break the harmful payday lending cycle that affects many working Americans. MCU Chairman Mark S. Brantley, Esq., (Photo left) who made the commitment at CGI America 2014 in Denver, Colorado, announced that the one-year pilot program will launch this month.
The "Step Line of Credit" product provides a safe alternative to payday loans for low- to moderate-income families. MCU is committing $1 million for the first year of the program, which is expected to serve approximately 2,000 of their members with loans ranging from $250 to $750 and having a fixed APR of 15.99%. As part of the program, MCU is also offering free credit counseling and financial education in conjunction with the loans.
"By offering the Step Line of Credit program to our members, and formalizing this commitment with the Clinton Global Initiative, we hope to improve our members' financial well-being. Our program will help to break the predatory lending cycle they are trapped in and provide guidance to better manage their finances and prepare for future emergencies," said Chairman Brantley.
Municipal Credit Union (MCU) is the oldest credit union in New York State and one of the oldest and largest in the country. Established in 1916 and headquartered in New York City, MCU currently has assets of over $2 billion and offers a full range of financial services to over 350,000 members. With branches in New York City, Westchester and Long Island, members also have access to the credit unions large and growing ATM network. Eligibility to open accounts at MCU is available to New York City and Yonkers municipal employees; state and federal employees who work in the five boroughs; health care professionals who work in New York State; members of select industry groups; employees of private colleges in New York City and private and public colleges in Nassau, Suffolk, and Westchester; certain family members, and qualifying retirees. MCU is an equal opportunity lender and deposits are federally insured to at least $250,000 by the National Credit Union Administration (NCUA), a U.S. government agency. For more information about Municipal Credit Union, visit
www.nymcu.org.
About CGI America
The Clinton Global Initiative (CGI), an initiative of the Clinton Foundation, convenes global leaders to create and implement innovative solutions to the worlds most pressing challenges. Established in June 2011 by President Bill Clinton, the Clinton Global Initiative America (CGI America) addresses economic recovery in the United States. CGI America brings together leaders in business, government, and civil society to generate and implement commitments to create jobs, stimulate economic growth, foster innovation, and support workforce development in the United States. Since its first meeting, CGI America participants have made more than 400 commitments valued at nearly $16 billion when fully funded and implemented.
CGI also convenes an Annual Meeting, which brings together global leaders to take action and create positive social change, CGI University (CGI U), which brings together undergraduate and graduate students to address pressing challenges in their community or around the world, and, this year, CGI Latin America, which will bring together Latin American leaders to identify, harness, and strengthen ways to improve the livelihoods of people in Latin America and around the world.
NEW YORK CITY - Municipal Credit Union (MCU) has made a Clinton Global Initiative (CGI) Commitment to Action. MCU's commitment called the "Safe Alternative to Payday Loans for Working Americans 2014" is a new emergency "Step Line of Credit" loan product designed to help break the harmful payday lending cycle that affects many working Americans. MCU Chairman Mark S. Brantley, Esq., (Photo left) who made the commitment at CGI America 2014 in Denver, Colorado, announced that the one-year pilot program will launch this month.
The "Step Line of Credit" product provides a safe alternative to payday loans for low- to moderate-income families. MCU is committing $1 million for the first year of the program, which is expected to serve approximately 2,000 of their members with loans ranging from $250 to $750 and having a fixed APR of 15.99%. As part of the program, MCU is also offering free credit counseling and financial education in conjunction with the loans.
"By offering the Step Line of Credit program to our members, and formalizing this commitment with the Clinton Global Initiative, we hope to improve our members' financial well-being. Our program will help to break the predatory lending cycle they are trapped in and provide guidance to better manage their finances and prepare for future emergencies," said Chairman Brantley.
Municipal Credit Union (MCU) is the oldest credit union in New York State and one of the oldest and largest in the country. Established in 1916 and headquartered in New York City, MCU currently has assets of over $2 billion and offers a full range of financial services to over 350,000 members. With branches in New York City, Westchester and Long Island, members also have access to the credit unions large and growing ATM network. Eligibility to open accounts at MCU is available to New York City and Yonkers municipal employees; state and federal employees who work in the five boroughs; health care professionals who work in New York State; members of select industry groups; employees of private colleges in New York City and private and public colleges in Nassau, Suffolk, and Westchester; certain family members, and qualifying retirees. MCU is an equal opportunity lender and deposits are federally insured to at least $250,000 by the National Credit Union Administration (NCUA), a U.S. government agency. For more information about Municipal Credit Union, visit www.nymcu.org.
About CGI America
The Clinton Global Initiative (CGI), an initiative of the Clinton Foundation, convenes global leaders to create and implement innovative solutions to the worlds most pressing challenges. Established in June 2011 by President Bill Clinton, the Clinton Global Initiative America (CGI America) addresses economic recovery in the United States. CGI America brings together leaders in business, government, and civil society to generate and implement commitments to create jobs, stimulate economic growth, foster innovation, and support workforce development in the United States. Since its first meeting, CGI America participants have made more than 400 commitments valued at nearly $16 billion when fully funded and implemented.
CGI also convenes an Annual Meeting, which brings together global leaders to take action and create positive social change, CGI University (CGI U), which brings together undergraduate and graduate students to address pressing challenges in their community or around the world, and, this year, CGI Latin America, which will bring together Latin American leaders to identify, harness, and strengthen ways to improve the livelihoods of people in Latin America and around the world.