Alternatives to PAYDAY Lending
New research on payday lending in the Omaha metro area shows significant demand for this service. The costs can be high if the borrowers don't repay the loans on time, which has an impact on families and our local economy.

Check out the facts.

Omaha has an opportunity to create a local economic stimulus by providing alternative options for short-term loans. A comparison of loans with a credit union alternative showed a net contribution to the economy of over $24 million due to more disposable income being retained and spent by local households, rather than leaking from the local economy. It is not recommended that payday lenders be eliminated. It was found in states that banned payday lending, households had more bounced checks, more complaints about lenders and more Chapter 7 bankruptcies. Policies are needed to pro-actively protect the financially vulnerable and put individual households and the state, as a whole, in a better economic condition.

Track fringe providers by zipcode and household income

Omaha EITC Coalition

In 2003, the Omaha Chamber of Commerce invited United Way of the Midlands staff to hear about the Earned Income Tax Credit (EITC). The meeting included staff from the IRS and thus a partnership between UWM and the IRS was born.

From 2003 through 2005, UWM co-facilitated, along with the staff from the Federal Reserve Bank, Omaha Branch, a coalition of nonprofits to help promote the EITC and to connect people to VITA sites. The Coalition successfully recruited 2-1-1 to refer people to VITA sites. The Coalition hosted several one day sites with multiple services in addition to free taxes such as, pulling credit reports along with credit counseling and linking EITC recipients with banks which allowed recipients to enroll in a new account on site.

In 2006, UWM launched the Financial Stability Partnership (FSP) which designated the coordinated, comprehensive approach to VITA sites as one of its three asset building strategies. FSP staff member, Edward Leahy, was appointed to lead this effort.

This approach has been so successful that in 2009, FSP transitioned the work of the Omaha EITC Coalition to Family Housing Advisory Services (FHAS) as a full-time focus. While FSP will continue as a Coalition member, FHAS will continue the successful work of this Coalition and Ed Leahy will remain as the Director of this program.

Call 2-1-1 to find a free tax preparation site near you. Email the Omaha EITC Coalition today at omahaeitc@cox.net.

BANK ON the Heartland
FSP is working with the Mayor's office and area employers, banks, and credit unions to bring this program to Omaha.

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AUTOSAVE
FSP is working with area employers, banks, and credit unions to bring this program to Omaha.

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