Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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
Texans linebacker Cushing continues outreach, spokesman role for @FirstCommCU http://t.co/wIUGhn9okM
1 hours ago
Despite what consumers say, big banks still hold sway over market via @Marketplace http://t.co/ozH69d8soj
3 hours ago
Erie, Pa., Americo FCU CEO praises staff for actions during robbery http://t.co/yyhaPnDtXh
3 hours ago
"Shreditorial" praises good deeds of @DannemoraFedCU http://t.co/06qKe0mhzR
3 hours ago
.@icul survey touts value of #college education http://t.co/41yopLeWLe
3 hours ago