Dakota Sister Society Webinar Focuses on Predatory Lending

Recent session focused on the dangers for consumers and the opportunity for credit unions to educate and enhance member relationships. 

by Shawn Marie Brummer, Communications Specialist

The Dakota Sister Society, led by Nanci Wilson (Marketing & Community Engagement with University FCU) offered a free webinar recently for those who wanted to learn more about predatory lending. Special guest speaker was Kerri Smith with Self-Help Credit Union, where there has been a focus on bringing resources to their local communities and to individuals that have not been equitably served previously.

Discussion included:

Examples of high-cost lenders (finance companies, auto title lenders, payday lenders, rent-to-own, and buy here/pay here auto dealerships).

How the “debt spiral” works (the cost to consumers and how re-borrowing happens).

Stunning examples of high-cost lending (how the elderly and poor are frequently targeted).

Impact of predatory lending on physical health (statistical evidence of payday loans and health risks).

Interest rate caps and potential impact (what credit unions can do to support this effort).

The subject of Wednesday’s webinar was particularly timely with the increased focus on “Financial Well-Being for All” which is being driven by the National Credit Union Foundation.

WATCH THE RECORDED WEBINAR HERE.

Everyone is invited to join the next Dakotas Sister Society Meeting on Thursday, March 17th at 2:00 p.m. (CT) with special guest speaker Christopher Morris, Engagement Consultant from CUNA. The topic will be “Motivating Your Whole Team to Be a Part of the Credit Union Movement.” Sign up here and be sure to follow the Dakotas Sister Society Facebook Page.
 
Additional resources:

Scarcity: Why Having Too Little Means So Much – book by Sendhil Mullainathan

Side Effects – the financial crisis of cancer hiding in plain sight and how credit unions can help.

Dakota Sister Society is a sister organization to The Global Women’s Leadership Network (GWLN), an initiative of Worldwide Foundation for Credit Unions, the fundraising and engagement arm of World Council of Credit Unions (WOCCU). GWLN is one of the original diversity, equity and inclusion (DEI) initiatives established in 2009 by WOCCU to provide women in the industry the opportunity to network and make a measurable difference in the lives of each other, in the lives of members, and within their communities.