Birmingham bankers, community leaders, nonprofit officials to seek ...
The meeting was called by City Councilwoman Kim Rafferty, who hopes to lay the foundation for a clearinghouse of available institutions willing to provide services to those now turning to high-interest and high-fee payday lending and check cashing businesses.
The 10 a.m. meeting to form "Bank on Birmingham" comes two months after the city imposed a six-month moratorium on new licenses for such businesses.
"We can't get rid of the payday loans, but we can give people alternative choices and education so there is no need for payday lenders in the city of Birmingham anymore," Rafferty said. "We can't tell people how to spend their money, but we can give them better opportunities. This is a consortium of banking institutions that produce a product that meets the local need."
Birmingham's project is modeled after initiatives including San Francisco's Bank On program that includes financial education and counseling, low-cost checking and savings accounts, electronic pay solutions and alternative small payday loan programs.
Residents in that city have opened tens of thousands of checking accounts through the program since it began in 2006. It has been cited as a national model.
Nashville this week became the latest city to adopt the concept with the creation of "Bank On Music City."
Birmingham's conversation about residents with poor credit and few options was piqued in December when the City Council passed the moratorium.
Since then, the federal Consumer Financial Protection Bureau held its first field hearing on payday lending to a standing-room-only audience in Birmingham.
The city's temporary halt on new approvals for the businesses was proposed by Councilwoman Lashunda Scales. Scales, who was not involved in Rafferty's initiative, said she would continue her efforts to combat the proliferation of payday lending businesses.
"I applaud Councilor Rafferty's efforts; however, as a committee we will remain focused on the charge at hand, which is to minimize payday lending institutions within the corporate limits of the city of Birmingham," Scales said. "In weeks to come, as chair of the economic development committee, I am going to have several town hall meetings regarding the facts of payday lending institutions and the disastrous effects it has on the inner city.
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Birmingham's project is modeled after initiatives including San Francisco's Bank On program that includes financial education and counseling, low-cost checking and savings accounts, electronic pay solutions and alternative small payday loan programs.
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Include your mortgage, credit card debts, auto loans, student loans, personal loans, payday loans, medical bills, and any overdue amounts for utilities, insurance, etc. The amount may be eye-opening. List your monthly income, and your monthly necessary
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