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CUs experienced with budget-impasse loans CUNA to IBloombergI
MADISON, Wis. (7/7/10)--Credit unions are experienced with helping state workers caught in budget impasses, the Credit Union National Association (CUNA) told Bloomberg News Monday. California credit unions in particular have a lot of experience with helping state workers, said Pat Keefe, CUNA senior vice president of communications. Keefe spoke with Bloomberg after a state appellate court decision Friday upheld an order to reduce state employees’ pay to minimum wage--$7.25 an hour--until the state budget is passed. The decision affects about 200,000 state employees (News Now July 6). News Now reported Tuesday that The Golden 1 CU, Sacramento, will offer 0% interest loans to affected members. About 55,000 of its members may participate in the loan program, the credit union told Bloomberg. Schools Financial CU, Sacramento, also announced it will make 0% interest loans available to affected members whose pay is directly deposited into their accounts. Credit unions outside of California are also experienced in helping state workers affected by budget cuts. Pennsylvania State Employees CU, Harrisburg, offered state workers loans at 0% interest last year. This year, the state legislature passed its budget on time--a first in eight years, Bloomberg noted. To read the article, use the link.
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