Five College Credit Union Mortgage Rates
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Services Application
SERVICES APPLICATION To add checking and debit card service, please complete this application and return to: P.O. Box 67013, Harrisburg, PA 17106-7013 or fax to 717.720.1234. MEMBER INFORMATION ___________________________________________________________ ____________________________________ ________________________________ APPLICANT’S FIRST NAME, MIDDLE INITIAL, LAST NAME, SUFFIX ACCOUNT NUMBER DATE OF BIRTH ___________________________________________________________ _____________________________________________________________________________ ADDRESS CITY STATE ZIP NEW ADDRESS BUT HAVE NOT NOTIFIED US OF THAT CHANGE? Do not submit this form until you have contacted us with your new address. Call 800.237.7328 or update your address in digital banking. CHECKING WITH DEBIT CARD YES, I want checking with a debit card Would you like paper checks? ___ Yes ___ No Add my home phone number to the checks. Add my joint owner’s name to the checks. The basic-style checks you receive are free. Your name and address will appear on your checks. Please allow two weeks to receive your checks. Enter your debit card PIN in the space provided on this application. One debit card will be issued in each owner’s name (maximum of 2 cards). Please allow two weeks to receive your debit card(s). OVERDRAFT PROTECTION TRANSFER SERVICE This service will pull money from another share or loan account in the event your checking account does not have sufficient available funds to pay incoming transactions (except for debit card purchases or ATM withdrawals). The default setting will transfer funds from your Regular shares. There are no fees for this service. If you would like to opt-out of this service, check the box below. -
Putting Microfinance to the Test 18-Month Impacts of the Grameen America Program
Putting Microfinance to the Test 18-Month Impacts of the Grameen America Program September 2020 M. Victoria Quiroz Becerra Kelsey Schaberg Daron Holman Richard Hendra Dissemination of MDRC publications is supported by the following organizations and individuals that help finance MDRC’s public policy outreach and expanding efforts to communicate the results and implications of our work to policymakers, practitioners, and others: The Annie E. Casey Foundation, Arnold Ventures, Charles and Lynn Schusterman Family Foundation, The Edna McConnell Clark Foundation, Ford Foundation, The George Gund Foundation, Daniel and Corinne Goldman, The Harry and Jeanette Weinberg Foundation, Inc., The JPB Foundation, The Joyce Foundation, The Kresge Foundation, and Sandler Foundation. In addition, earnings from the MDRC Endowment help sustain our dissemination efforts. Contributors to the MDRC Endowment include Alcoa Foundation, The Ambrose Monell Foundation, Anheuser- Busch Foundation, Bristol-Myers Squibb Foundation, Charles Stewart Mott Foundation, Ford Foundation, The George Gund Foundation, The Grable Foundation, The Lizabeth and Frank Newman Charitable Foundation, The New York Times Company Foundation, Jan Nicholson, Paul H. O’Neill Charitable Foundation, John S. Reed, Sandler Foundation, and The Stupski Family Fund, as well as other individual contributors. The findings and conclusions in this report do not necessarily represent the official positions or policies of the funders. For information about MDRC and copies of our publications, see our website: www.mdrc.org. Copyright © 2020 by MDRC®. All rights reserved. Putting Microfinance to the Test 18-Month Impacts of the Grameen America Program M. Victoria Quiroz Becerra Kelsey Schaberg Daron Holman Richard Hendra September 2020 OVERVIEW his report summarizes 18-month findings from the evaluation of the Grameen America pro- gram, a microfinance institution that provides loans to low-income women in the United States who are seeking to start or expand a small business. -
Consumer Guide to Auto Title Lending
CONSIDER YOUR OPTIONS In addition, consumer credit counseling services can provide valuable financial Auto Title Loans are designed for consumers education and budgeting advice. If you would who need to borrow money only for a short like to contact a consumer credit counselor, length of time. Due to the short-term nature consult your local Yellow Pages for services of these loans and the higher fees involved, available in your area. CONSUMER GUIDE these services are not intended to be used by TO consumers who need to borrow money for a CONTACT THE DEPARTMENT longer period of time. OF FINANCIAL INSTITUTIONS AUTO TITLE LENDING If you need to borrow money you should If you have questions about Auto Title explore several different lending options. Lending, please contact the Illinois Division of Contact various lending institutions and Financial Institutions at: Presented By compare fees to find the most economical loan that best suits your financial needs. If you are Illinois Department of Financial Institutions Illinois Department of Financial not absolutely certain you can repay the loan Consumer Credit Section and at the end of the term, you should seriously 100 West Randolph consider not taking out a short term loan 9th Floor Professional Regulation, like an auto title loan Chicago, Illinois 60601 Division of Financial Institutions Consumers who are experiencing financial Or difficulty or serious financial setback may wish to obtain assistance from a consumer credit 1-888-298-8089 counselor or a debt management company prior to taking out a loan. Debt management companies can provide assistance to consumers who need help reorganizing their debts. -
Easy Money, Impossible Debt How Predatory Lending Traps Alabama’S Poor
EASY MONEY, IMPOSSIBLE DEBT How Predatory Lending traPs aLabama’s Poor EASY MONEY, IMPOSSIBLE DEBT How Predatory Lending traPs aLabama’s Poor © southern poverty law center | february 2013 www.splcenter.org CONTENTS executive summary 5 tricks of tHe trade 7 victimized 17 buyer beware 27 safeguards needed 31 wHat next? 35 4 Easy Money, Impossible Debt EXecUTIVE SUmmARY Alabama has four times as many payday lenders as McDonald’s restaurants. and it has more title loan lenders, per capita, than any other state.1 this should come as no surprise. with the nation’s third highest poverty rate and a shamefully lax regulatory environment, alabama is a paradise for predatory lenders. by advertising “easy money” and no credit checks, they prey on low-income individuals and families during their time of greatest financial need – intentionally trapping them in a cycle of high-interest, unaf- fordable debt and draining resources from impoverished communities. although these small-dollar loans are explained to lawmakers as short- term, emergency credit extended to borrowers until their next payday, this is only part of the story. the fact is, the profit model of this industry is based on lending to down- on-their-luck consumers who are unable to pay off loans within a two-week (for payday loans) or one-month (for title loans) period before the lender offers to “roll over” the principal into a new loan. as far as these lenders are concerned, the ideal customer is one who cannot afford to pay down the prin- cipal but rather makes interest payments month after month – often paying far more in interest than the original loan amount. -
Agreements and Disclosures
AGREEMENTS AND DISCLOSURES CONTENTS DEFINITIONS SECTION 1: Account Ownership Agreement ........................ 2 SECTION 2: Checking Agreement ....................................11 SECTION 3: Debit Card Agreement ..................................18 SECTION 4: Telephone Banking Agreement ........................21 SECTION 5: Digital Banking Services ................................21 SECTION 6: Bill Payer Agreement ...................................21 SECTION 7: UCC Article 4A Disclosure (Disclosures Regarding Electronic “Wholesale Credit” Transactions Subject to Uniform Commercial Code Article 4A) ........................................26 SECTION 8: Electronic Fund Transfers (Regulation E) Disclosures ..............................................................26 SECTION 9: Funds Availability Policy ...............................31 SECTION 10: Truth in Savings Account Disclosures ...............32 PLEASE NOTE: The following apply to personal accounts. DEFINITIONS “ATM” refers to any automated teller machines that are part of any network such as PLUS® and STAR® that accepts Your card. “Bill Payer” (BP) is the service that provides payments to third parties from Your designated checking account. “Check Payee” is a merchant/individual/company accepting only paper check payments. “Checking share” refers to any share for which You may write a check or use a Debit card. “Debit card” refers to the Visa® Debit card. “Due Date” is the date the payment must reach Your account with the payee (or merchant) to avoid penalties. “Digital Banking” means banking and other access to Your account from an internet accessible device including but not limited to a mobile device, computer, or tablet. “Electronic Payee” is a merchant/individual/company accepting only electronically transmitted payments. “ET” refers to Eastern Standard Time or Eastern Daylight Time as applicable and hereinafter referred to as Eastern Time (ET). “Payment Date” is the date You have scheduled any payment to be processed, mailed, or transmitted by Us. -
Credit Application
CREDIT APPLICATION IMPORTANT INFORMATION TO BORROWER(S). To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who applies for a loan or opens an account. WHAT THIS MEANS FOR YOU. When you apply for a loan or open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents. In some instances, we may use outside sources to confirm the information. The information you provide is protected by our privacy policy and federal law. Read each instruction carefully before completing this form. For the purposes of this document, “you” and “your” refer to the Borrower(s). “We,” “us,” and “our” refer to PSECU. Please print in ink. The Credit Application must be filled in completely. Incomplete applications cannot be processed. Insert “NA” for items that do not apply. BORROWER AND CO-BORROWER INFORMATION Check the appropriate box to indicate Individual Credit or Joint Credit. INDIVIDUAL CREDIT: Complete the Borrower section about yourself. JOINT CREDIT: Each Borrower must individually complete the appropriate section below. BORROWER JOINT CREDIT: By providing my information and my signature below, CO-BORROWER JOINT CREDIT: By providing my information and my signature I, borrower, consent to apply for joint credit. below, I, co-borrower, consent to apply for joint -
Auto Title Loans Market Practices and Borrowers’ Experiences the Pew Charitable Trusts Susan K
A report from March 2015 Auto Title Loans Market practices and borrowers’ experiences The Pew Charitable Trusts Susan K. Urahn, executive vice president Travis Plunkett, senior director Project team Nick Bourke, director Gabriel Kravitz, senior associate Alex Horowitz, officer Tara Roche, senior associate Olga Karpekina, associate External reviewers The report benefited from the insights and expertise of the following external reviewers: Mike Mokrzycki, independent survey research expert; Katherine Samolyk, economist (former official with the Federal Deposit Insurance Corp. and the Consumer Financial Protection Bureau); Jeremy Tobacman, assistant professor of business economics and public policy, Wharton School of the University of Pennsylvania; Alan White, professor of law, City University of New York; and Lauren Willis, professor of law and Rains senior research fellow, Loyola Law School, Los Angeles. These experts have found the report’s approach and methodology to be sound. Although they have reviewed the report, neither they nor their organizations necessarily endorse its findings or conclusions. Acknowledgments The small-dollar loans project thanks Pew staff members Steven Abbott, Dan Benderly, Jennifer V. Doctors, David Merchant, Bernard Ohanian, Lisa Plotkin, Rica Santos, and Mark Wolff for providing valuable feedback on the report, and Sara Flood, Jennifer Peltak, Thad Vinson, and Laura Woods for production and web support. Many thanks also to our other former and current colleagues who made this work possible. Finally, thanks to the auto title loan borrowers who participated in our survey and focus groups and to the many people who helped us assemble those groups. For further information, please visit: pewtrusts.org/small-loans 2 Cover photos: 1 3 1. -
Comment Letter Included on This Page, Which Details the Groups' Strong
January 21, 2020 The Honorable Joseph M. Otting Comptroller Office of the Comptroller of the Currency 400 7th Street, SW Washington, DC 20219 Submitted electronically via regulations.gov Re: Comments on OCC Notice of Proposed Rulemaking, Permissible Interest on Loans That Are Sold, Assigned, or Otherwise Transferred, 12 CFR Part 7 and Part 160, Docket ID OCC-2019-0027, RIN 1557-AE73 Dear Comptroller Otting: I. Introduction and Overview The Center for Responsible Lending,1 National Consumer Law Center (on behalf of its low income clients),2 Americans for Financial Reform Education Fund,3 Consumer Federation of America,4 1 The Center for Responsible Lending (CRL) is a nonprofit, non-partisan research and policy organization dedicated to protecting homeownership and family wealth by working to eliminate abusive financial practices. CRL is an affiliate of Self-Help, one of the nation’s largest nonprofit community development financial institutions. Over 37 years, Self-Help has provided over $7 billion in financing through 146,000 loans to homebuyers, small businesses, and nonprofits. It serves more than 145,000 mostly low-income members through 45 retail credit union locations in North Carolina, California, Florida, Greater Chicago, and Milwaukee. 2 Since 1969, the nonprofit National Consumer Law Center® (NCLC®) has used its expertise in consumer law and energy policy to work for consumer justice and economic security for low-income and other disadvantaged people, including older adults, in the United States. NCLC’s expertise includes policy analysis and advocacy; consumer law and energy publications; litigation; expert witness services, and training and advice for advocates. NCLC works with nonprofit and legal services organizations, private attorneys, policymakers, and federal and state government and courts across the nation to stop exploitive practices, help financially stressed families build and retain wealth, and advance economic fairness. -
AB 2953 Page 1
AB 2953 Page 1 Date of Hearing: April 2, 2018 ASSEMBLY COMMITTEE ON BANKING AND FINANCE Monique Limón, Chair AB 2953 (Limón) – As Amended March 19, 2018 SUBJECT: California Financing Law: consumer loans: title loans SUMMARY: Prohibits a California Financing Law (CFL) licensee from charging more than 36% APR on a title loan. Specifically, this bill: 1. Defines title loan as a nonpurchase money loan with a bona fide principal amount of $2,500 or greater where the lender obtains a security interest in a motor vehicle. 2. Prohibits a CFL licensee from receiving charges under a title loan agreement in an amount greater than 3 percent per month on the unpaid principal balance of the title loan. EXISTING LAW: 1) Provides for the CFL, administered by the Department of Business Oversight (DBO), which authorizes the licensure of finance lenders, who may make secured and unsecured consumer and commercial loans (Financial Code Sections 22000 et seq.). The following are the key rules applied to consumer loans made pursuant to the CFL: a) CFL licensees who make consumer loans under $2,500 are capped at interest rates which range from 12% to 30% per year, depending on the unpaid balance of the loan (Sections 22303 and 22304). In addition to the allowable interest charges, licensees may receive an administrative fee capped at the lesser of 5% of the principal amount of the loan or $50 (Section 22305). b) In addition to the requirements in “a” above, CFL licensees who make consumer loans under $5,000 are prohibited from imposing compound interest or charges -
Microfinance Revolution
23250 v 1 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized The Microfinance Revolution Sustainable Finance for the Poor © 2001 by the International Bank for Reconstruction and Development/THE WORLD BANK 1818 H Street, NW, Washington, D.C. 20433 USA All rights reserved Manufactured in the United States of America First printing May 2001 The findings, interpretations, and conclusions expressed in this book are entirely those of the author and should not be attributed in any manner to Open Society Institute or to the World Bank, its affiliated organizations, or members of its Board of Executive Directors or the countries they represent Library of Congress Cataloging-in-Publication Data Robinson, Marguerite S., 1935– The microfinance revolution: sustainable finance for the poor / Marguerite S. Robinson. p. cm. Includes bibliographical references. ISBN 0–8213–4524–9 1. Microfinance—Developing countries. 2. Microfinance. 3. Financial institutions—Develop- ing countries. 4. Poor—Developing countries. I. Title. HG178.33.D44 R63 2001 332.2—dc21 2001026146 Edited, designed, and laid out by Communications Development Incorporated, Washington, D.C. and San Francisco, California The Microfinance Revolution Sustainable Finance for the Poor Lessons from Indonesia The Emerging Industry Marguerite S. Robinson The World Bank, Washington, D.C. Open Society Institute, New York Praise for The Microfinance Revolution “Dr. Robinson has written a magnificent work that provides a jolt of energy as well as wise guidance to the fledgling microfinance industry.This book will quickly become re- quired reading for students and professionals in and around the microfinance industry, for donors and government agencies, and for investors.This is also the first book that, through thoughtful analysis, vivid images, and extensive research, will beckon commer- cial bankers and the rest of the ‘real world’ to sit up and take interest in microfinance. -
Undermining Economic Security June 2011 Use of Alternative Financial Services in Virginia
Undermining Economic Security June 2011 Use of Alternative Financial Services in Virginia By Rebecca M. Tippett In communities and households across Virginia, families are using multiple strategies to stretch financial resources in the face of the protracted economic recession and rising costs for gas, food, and healthcare. Prior research found: • A quarter of Virginia households are income inadequate; they do not earn enough to meet their regular monthly expenses. • Nearly thirty percent of Virginia households are asset inadequate; they do not have sufficient assets to weather a short-term financial crisis.1 To get through hard economic times, households may reduce unnecessary expenditures; draw money from their savings; or rely on support from family and friends, charitable organizations, or government programs. For some households, the only way to pay their bills is to borrow money. In fact, nearly ten percent of Virginia’s households report relying on short-term loans from alternative financial service providers to make ends meet. 2 Alternative financial services (AFS) provide short-term, small-dollar loans that some households use when faced with income shortfalls.3 Compared to loans from mainstream financial institutions, such as banks and credit unions, loans from AFS providers have: Smaller loan values Shorter loan terms Substantially higher interest rates and fees Most families are already in or near crisis when they turn to these products, and they are using them to pay for basic necessities such as rent, food, and transportation. The immediate consequences of financial crisis—such as eviction—may outweigh the long-term consequences of using these high-cost loans. -
Authorization to Add a Joint Owner
AUTHORIZATION TO ADD A JOINT OWNER Please mail to P.O. Box 67009, Harrisburg PA 17106-7009 or fax to 717.720.1234. For current rates, fees and the Truth in Savings Account Disclosures, visit psecu.com/rates or call 800.237.7328. __________________________________________________________________________ ACCOUNT NUMBER ____________________________________________________ MEMBER NAME ACCOUNT ADDRESS – REQUIRED FOR PROCESSING. SOCIAL SECURITY # OR TAX ID # ________________________________________ For security purposes, you must provide the address we have on record for you. DATE OF BIRTH _______________________________________________________ __________________________________________________________________________ ADDRESS ON ACCOUNT NEW ADDRESS BUT HAVE NOT NOTIFIED US OF __________________________________________________________________________ THAT CHANGE? CITY STATE ZIP Do not submit this form until you have contacted us with your new address. Call 800.237.7328 or update your address in online banking. ADD A JOINT OWNER You must be at least 13 years of age to be a joint owner. All joint owners agree to be bound CAN WE CONTACT YOU? by the terms stated in the Signatures Section and the Joint Owner Agreement included in the I consent to be contacted on behalf of PSECU via telephone, text message/SMS, automatic Agreements and Disclosures booklet, which will be provided. telephone dialing system, and artificial or prerecorded voice message at the numbers I have provided to PSECU in this application for the following: advertisements, telemarketing