Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Official lauds CUs help for state workers in budget limbo
SACRAMENTO, Calif. (7/23/08)--The Golden 1 CU was thanked by a California official for spearheading a loan program to help state government workers, who are going without paychecks while waiting for the state’s budget to be adopted. June 15 was the last payday not only for California politicians, but also for committee secretaries, security guards, legislative aides and vendors. They are waiting for an overdue budget to be approved by the state legislature and signed by Gov. Arnold Schwarzenegger (Ventura County Star July 22). The Golden 1, a $6.586 billion asset, Sacramento-based credit union, is one of three financial institutions--Wells Fargo and Bank of America are the other two--that provide loans to state legislative staff almost every July when budgets need to be renewed. Usually loans are issued with 0% interest. To qualify, borrowers must have direct deposit on their accounts. The Golden 1 was “the harbinger of the loan program,” according to Tony Beard Jr., California Senate sergeant-at-arms. He said he wanted to be the first to thank the credit union for its service to members of the state legislative staff over the past years. Almost every year, California, like many states, has to operate when one year’s budget expires and the next year’s has yet to be approved. California credit unions have a history of helping people through state budget limbos. In years past, Schools Financial CU, a $1.131 billion asset, Sacramento-based credit union, has offered zero-interest loans to state workers needing financial assistance during a budget impasse (News Now July 5, 2005). Years ago, while mired in a budget crisis, Arrowhead CU, a $1.064 billion asset, San Bernardino, Calif.-based credit union, allowed public nonprofit agencies to borrow up to a $100,000 from Arrowhead to continue operations until the state budget was adopted (News Now July 17, 2003).
Other Resources

RSS print
News Now LiveWire
#Iowa Housing Authority honors #creditunion's mortgage commitment #NewsNow http://t.co/97me6ziPFa
10 hours ago
Adams to Zimmerman: Don't let your name define your financial decisions via @ndn http://t.co/kPVgQaDFNo
13 hours ago
Calif. ride-sharing law protects #creditunion collateral #NewsNow #System http://t.co/kXAAmbQgKO
14 hours ago
New offices mean moving sale at @TheKCUA https://t.co/xaof5SJkmE
15 hours ago
Existing-home sales slump in August as cash purchases decline @REALTORS
16 hours ago