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News Now

CU System
Pa. Calif. CUs stand ready to aid state workers
HARRISBURG, Pa. (7/20/09)--Pennsylvania and California credit unions are preparing to help state workers who are not receiving paychecks due to their states’ budget impasses. About 25 Pennsylvania credit unions have created special programs to help state workers, according to the Pennsylvania Credit Union Association. Some of the programs include low- or no-interest loans, skip-a-payment, and Credit Union Better Choice loans (Life is a Highway July 17). Some state employees did not receive a paycheck Friday. Others received 70% of their pay. Bellco Community CU, Harrisburg, Pa., has helped 30 state employees so far. The credit union is offering an interest-free loan to help state workers. The loans have zero percent interest during the budget impasse and for 60 days after the budget is signed by the governor. A $1,000 line of credit is available on each pay date affected by the impasse, the credit union said in a release. California is facing a $26 billion deficit. Earlier this month, the state began issuing IOUs, or registered warrants, to businesses and others that were set to receive state payments (Bloomberg July 17). Nearly 90 credit unions in California are accepting the warrants, according to the California and Nevada Credit Union League’s website. Some financial institutions in California, such as Bank of America, Chase, Wells Fargo and Union Bank have set deadlines for accepting the warrants, but credit unions have not (News Now July 7). The failure of California’s negotiations between the governor and the lawmakers on the budget mean the state’s bonds ratings will be reduced to junk bonds--meaning the state would not be able to borrow funds.
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