CU2.0 Podcast Special Edition: Jake Schlachter on the Eviction Crisis and the Opportunity to Reinvent Credit Unions
By Robert McGarvey
Now just may be the worst of times but it also is an opportunity for credit unions to reinvent themselves, by reimagining their roles and taking an active part in helping to limit what many experts see as a coming eviction crisis, as renters who have suffered enormous economic hardships in the Covid-19 pandemic are put out on the streets.
What if credit unions made available emergency loan funds to help renters avoid that outcome?
That’s the question Jake Schlachter, executive director of We Own It, an organization devoted to reinvigorating the cooperative movement, asks.
A starting point is that many credit unions have more set aside than the 7 to 8% excess capital required by the regulator. What if those institutions used some of that money to help renters avoid eviction. What if….
Credit unions just might be seen as community heroes.
Suddenly, many would know exactly the difference between banks and credit unions.
Schlacter has sent out a letter to the CEOs of 1430 credit unions with assets above $100 million and significant excess capital. Here’s a link to the letter.
Now what happens? Listen to the podcast. You will hear Schlachter’s hopes and dreams.
This is a challenge to just about every credit union. But the need is real and the possible payoffs are also real.
Want to hear more Schlachter? Here’s a podcast I did with him for a different series a year ago. This one focuses on cooperatives in general with minimal direct references to credit unions.
Like what you are hearing? Find out how you can help sponsor this podcast here. Very affordable sponsorship packages are available. Email rjmcgarvey@gmail.com
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Find out more about CU2.0 and the digital transformation of credit unions here. It’s a journey every credit union needs to take. Pronto