Redstone Federal
Credit Union
advocates for its
communities on
issues, causes and
concerns that matter
to those communities.
To advocate means to
stand in support of a
person or a cause. To become an intercessor
on behalf of that cause.
Redstone does that each month with our
many and varied sponsorships. ose
sponsorships generally go to non-profits in the
areas of: Economic Development, Education,
Health and Quality of Life. As an example, we
support health initiatives because a healthier
community benefits everyone.
Occasionally, there are issues that we feel
require a stronger approach. at is what
happened this past spring when I served on
a task force that worked to curtail predatory
lending in Alabama.
Predatory lending is a crippling system of
debt that affects hundreds of thousands of
people in Alabama every year.
When hard times rise, many people turn
to payday lenders or title loan companies
to make ends meet. What might start out
as a one-time need often turns into a cycle,
generally involving loan after loan with
interest rates of over 400%. is cycle of debt
is a reality for one in four Alabamians.
Our task force supported a bill that would
have ended the practice of pawn shops being
able to make title loans and would have
addressed the short window of time that
borrowers have to repay.
Unfortunately, that bill failed to become a
law. e Alabama Legislature supported a bill
that, among other things, allows two-thirds
of the payday lenders in Alabama to extract
more usury by flipping a payday loan to a
small loan, thereby charging more interest
and fees.
(Continued on page 15)
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Murfreesboro Branch Grand Openings
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Ask for Redstone Title Services
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Is Your Child Ready for Pet Ownership?
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'Refer a Friend' Going on Now
Send your comment s, suggestions
or questions to:
ASPIRE@REDFCU.ORG
facebook.com/RedstoneFCU
twitter.com/RedstoneFCU
Editor:
Patricia Dedrick Lloyd
TABLE OF CONTENTS
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r e d f c u.o r g
Must be eligible for membership and open a share savings account to obtain any product or service. A minimum balance of $5.00 is required to open share savings account and
must be maintained in share savings account at all times. Fees and other restrictions may apply.
from the CEO: Joseph H. Newberry
