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News Now

CU System
California CUs monitoring new state budget
SACRAMENTO, Calif. (7/22/09)--Calif. Gov. Arnold Schwarzenegger and state lawmakers agreed Monday to balance the state’s $26 billion deficit by making cuts throughout the state government. The California Credit Union League and the state's credit unions are keeping tabs on the situation. Details about the budget have not been released. The budget means the state will not issue more IOUs, or registered warrants, which will affect more than 90 credit unions in the state that currently accept the IOUs. The California league is closely monitoring the situation as details emerge. The budget document is still being written, Melissa Ameluxen, California league director of state government affairs, told News Now. Monday’s budget agreement also relies on $1.3 billion from monthly three-day furloughs for state workers (The Sacramento Bee July 21). “Credit unions with members that are state employees have been working to assist those affected by furloughs and IOUs as best they can,” Tina Ramos-Ingold, California league public affairs coordinator, told News Now.
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