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CHOICES FEDERAL CREDIT UNION

CHOICES FEDERAL CREDIT UNION. 5029 Northrup Avenue. CHOICES FCU. Alternative Financial Services: Check Cashing Stores Pay Day Loan Stores Title Loan Stores Pawn Shops Used Auto Dealerships Predatory Lenders Drain Resources from the Community High Fees High Interest High Penalties

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CHOICES FEDERAL CREDIT UNION

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  1. CHOICES FEDERAL CREDIT UNION 5029 Northrup Avenue

  2. CHOICES FCU • Alternative Financial Services: • Check Cashing Stores • Pay Day Loan Stores • Title Loan Stores • Pawn Shops • Used Auto Dealerships • Predatory Lenders • Drain Resources from the Community • High Fees • High Interest • High Penalties • Credit Life Insurance

  3. CHOICES FCU • Results: • Overleveraging • Delinquencies & Defaults • Foreclosure • Damaged Credit • Bankruptcy • Chapter 7 (no assets) • Chapter 13 (debt reorganization)

  4. CHOICES FCU • Credit Unions • Associative or Community Membership • Share Deposits • Loans (secured and unsecured) • Signature • Auto • Home • Financial Services • Savings • Check Cashing • Credit/Debit Cards • ATM

  5. CHOICES FCU • Organized by 8 Housing and Financial Counseling Organizations • Better Family Life • Beyond Housing/NHS • Community Action Agency of St. Louis County • Catholic Commission on Housing • Good Samaritan Service Center • Habitat for Humanity St. Louis • Justine Petersen Housing & Reinvestment • Urban League of Metropolitan St. Louis

  6. CHOICES FCU • Received NCUA Charter – Feb. 2005 • Opened Doors – July 2005 • Members to Date: 76 • Deposits to Date: $93,814 • Loans to Date • Auto: 2 • Signature: 6 • Grants Received • Annie E. Casey Foundation: $25,000 • CDFI Technical Assistance: $49,500

  7. CHOICES FCU • Challenges • Membership • Facilities • Staffing • Operating Funds • Loan Origination • Reserves • Positive Net Worth

  8. CHOICES FCU • Measures of Success • One Person at a Time • Habitat client: unable to qualify for program because of high debt to income ratio. Auto loan at 21% interest. Able to refinance auto loan to lower rate to bring her in line with debt ratio requirement. She is on her way to purchasing a Habitat home. • Long Term • Improve Credit • Build Assets • Strong Communities

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