Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
California budget impasse impacts CUs costs
SACRAMENTO, Calif. (9/26/08)--The Golden 1 CU made loans this summer to 1,095 California state workers to help them through the state’s 85-day budget impasse, and its assistance cost the credit union $52,000 in opportunity costs. The $52,000 represents what the credit union could have earned investing the money, rather than loaning it at 0% interest to the state workers who did not receive paychecks during the budget stalemate, Teresa Halleck, The Golden 1 president/CEO, told News Now. Several loans were made to some of the workers, Halleck added. “We just passed the 75th anniversary of The Golden 1 CU,” Halleck said. “From a membership standpoint, there has been a tremendous loyalty to state workers. We’ll take care of state workers. I don’t know why they would bank with anyone but The Golden 1.” California Gov. Arnold Schwarzenegger signed the longest overdue budget in state history Tuesday (The Mercury News Sept. 23). The Golden 1 is based in Sacramento, Calif., and has $6.955 billion in assets.
Other Resources

RSS





print
News Now LiveWire
Middle-class families walking a tightrope with little savings @pewresearch HT @CNNMoney http://t.co/Pfu2KHASZa
53 minutes ago
.@CUNA's @SchenkMike on @federalreserve meeting: http://t.co/Ry39vjWdA1
1 hour ago
#creditunion cites prize-linked savings success in @WSJ http://t.co/3CXupUMx5d
3 hours ago
.@CFPB proposes mtg rule changes 2 facilitate responsible lending by small creditors, esp. in rural/underserved areas.http://t.co/sn6PnlS0EB
4 hours ago
#NewsNow Apple Pay interest booming at CUs, Western Union joins http://t.co/LsaoOYzAPx
6 hours ago