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2. Todays Conversation
Doing Good is Good Business 3. Doing Well by Doing Good The Spectrum Credit Union Story 4. What does a poor or mediocre score cost? Emily Karen 750 Credit Card Rate 9.9% Auto Loans 5% Mortgage one 5.5% Mortgage two 5.5% Credit Card 19.9% Auto Loan 8% Mortgage one 7.375% Mortgage two 7.375% 650 5. What does a poor or mediocre score cost? Emily Karen 6. Cost of Poor CreditEmilyKaren 7070 $39,600Credit Card Interest$79,600 $21,166Auto Loans$34,653 $174,760Mortgage One $243,020 $417,616Mortgage Two$594,572 100 Points Cost Karen$ 298,704 7. Think of the impact of Dorothys credit score on her access to financial services 8. Continuous set of services to allow members to move from step to step, no matter where they start Alternatives FCU Ithaca, New York 9. Product Innovations
10. U.S. Adult Population by Banked Status Note: Unbanked consumers are those with no checking or savings account. Underbanked consumers are those with a checking or savings account who have made one or morenonbankfinancial transactions in the past 30 days.Source: CFSI Underbanked Consumer Study, 2008 11. Underbanked Market Size
Source: 2008 CFSI Underbanked Consumer Study 12. Florida Today
13. % of Asset Poor Households in Florida 46% 36% 22% 11 % 3% Low Wealth does notalways equate to low income. In Florida, 22%of households earning more than $44,000 and 3% earn more than $100,000 are asset poor. 14. 15. Membership growth Appropriate Products andServices At the right price and terms! 16. Customer first?Then a member? Prepaid Cards Check Cashing Customers Grow into membership VITA All Cash Global 17. To learn more Second Chance Checking A REAL Solutions Implementation Guide Visit the RS Impact Center www.realsolutions.coop 18. Want to know more?
Tax Preparation the Credit UnionWayNancy Pierce Field Coach REAL Solutions Visit www.realsolutions.coop 19. Right Time Education It Matters FICEP Step WAY out side the box education . 20. To learn more Filene Research Institute www.filene.org www.realsolutions.coop League Highlights 21. Lets Talk Saving Programs Savings Matter 22. Coming Soon
23. Lets Talk Loan Products 24. Non-Traditional Loan Products
25. Want More info? Visit www.realsolutions.coop for a comprehensive Toolkit on how REAL Solutions Credit Unions Provide short term loan products to their members. Contact League Liaison Natasha Melugin 26. Non-Prime Auto Loans
Visit the Impact Center to review the 7 lessons learned!! 27. Want to know more?
Steer Clear of Predatory Car Loans With Bill MyersField Coach REAL Solutions Senior Fellow, Aspen Institute Visit www.realsolutions.coop 28. Join us at REAL Solutions To Learn more contactLaura Vann or Adena Whitman LSECU Visit http://realsolutions.coop 29. Lois Kitsch REAL Solutions 407 616 2409 [email_address]
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