Mortgage modifications, low-cost credit cards, alternatives topayday loans and strong financial literacy counseling are among theways Ohio's Wright-Patt CU helps its members improve theirfinancial health, Wright-Patt FCU President/CEO Doug Fecher willtell a Senate panel on Tuesday.

Fecher, who noted that the ratio of household debt to disposableincome is almost 120% compared with 80% 10 years ago, said his $2.1billion suburban Dayton credit union could meet the needs of morepeople if they had to spend less time complying withregulations.

“Since 2008, we've been given more than 160 new rules andregulations from some 27 different federal agencies,'' he will say,according to testimony obtained by Credit Union Times.“While credit unions would rather hire loan advisors and financialcounselors to help consumers improve their financial situation,we're instead hiring compliance officers to deal with the newrules. The largest banks have armies of attorneys to deal withthese regulations – we don't.''

Fecher doesn't address what regulations he'd like to seechanged, according to the testimony, which is scheduled fordelivery at a hearing of the Senate Banking Committee'sSubcommittee on Financial Institutions and Consumer Protection.

Fecher noted that through its alliance with the Miami ValleyFair Housing agency they have helped many people modify mortgages so they can stay in their homes.

He also noted that when the credit union offers credit cardsit's viewed as “a convenient payment mechanism, and not atemptation to run up debt.'' Because of that, they don't offerrewards programs that encourage more spending and their interestrates start at 6.25%.

Fecher said his credit union has several financial planningprograms, including a project with a local television station, “TheSavings Race.'' This features five families interested in improvingtheir financial health and is modeled after the NBC weight lossprogram, “The Biggest Loser.”

The hearing, which is scheduled to start at 3 p.m., is on thetopic of “Consumer Protection and Middle Class Wealth Building inan Age of Growing Household Debt.''