The Self-Help Credit Union Revolutionized How Big Banks Saw Low-Income Savers

Nov 28, 2017

Howard Covington's book explores how policies spurred by Self-Help were able to help North Carolina evade the worst of the housing bubble collapse and how the credit union has transformed North Carolina communities
Credit Courtesy of Howard Covington

When founders Martin Eakes and Bonnie Wright started the Center for Community Self-Help in 1980, they did so with the fundamental belief that low and middle-income homeowners and small business owners would not only be a safe investment, but also a profitable one. 

By offering long-term loans free from predatory traps, they created a system where return on investment was reliable and where Self-Help was able to quickly and steadily invest back into North Carolina communities.

Host Frank Stasio speaks with writer Howard E. Covington Jr. whose new book “Lending Power: How Self-Help Credit Union Turned Small-Time Loans Into Big-Time Change” (Duke University Press/ 2017) explores how policies spurred by Self-Help prevented some in North Carolina evade the worst of the housing bubble collapse.