HARRISBURG, Pa. (10/29/14)--The Pennsylvania Credit Union Association (PCUA) is supporting a new state policy initiative to combat poverty by using tools such as prize-linked savings (PLS) accounts.
Earlier this month, State Rep. Rosemary Brown (R-Monroe) introduced HB 2543, which would allow certain financial institutions, including credit unions, to offer saving rewards programs.
On the Pennsylvania House Majority Policy Committee's blog, PCUA President/CEO Patrick Conway posted an entry about credit unions, PLS programs and how they can support the committee's Empowering Opportunities: Gateways Out of Poverty initiative.
"Credit unions have played an integral role in developing PLS programs as part of their ongoing effort to help members enhance financial literacy, save money, and improve spending and debt management habits," Conway wrote.
In the Oct. 28 issue of Life is a Highway, Conway also commended the work of Brown and Pennsylvania House Majority Policy Committee Chair Dave Reed (R-Indiana) to promote solutions to build wealth.
"Studies indicate that consumers are not saving for their futures and programs to promote saving is a win for all consumers," Conway added. "Credit unions work daily to better the lives of members, and this initiative is another avenue to assist them."