Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Ill. treasurer commits 1 billion for credit crunch
CHICAGO (10/20/08)--Illinois State Treasurer Alexi Giannoulias announced that he will make up to $1 billion in interest-earning deposits available to Illinois credit unions and banks to thaw the credit freeze and improve the state’s investment portfolio. “We applaud the treasurer’s on-going efforts to work with Illinois financial institutions, including credit unions,” said Dan Plauda, Illinios Credit Union League president/CEO. “Many credit unions already hold state deposits.” Giannoulias will implement the plan by expanding the existing Access to Capital program, which allows approved credit unions and banks to request state deposits at market rates. The money to fund the program will come from a reallocation of the state’s diversified investment portfolio. The expansion will be implemented incrementally with $500 million immediately available, and the additional $500 million gradually becoming available at the start of each month between December 2008 and March 2009. “By investing in healthy Illinois credit unions and banks, Giannoulias is helping to untangle the credit mess and ensure the state’s commitment to Illinois families and businesses,” said John Pawlowski, vice president of finance and investments at Consumers CU in Round Lake Beach, Ill. “Illinois credit unions did not create the current financial crisis, but they will be part of the solution. They will continue to be strong and healthy and will assist the treasurer in any feasible way to help the Illinois economy rebound,” Plauda added.
Other Resources

RSS print
News Now LiveWire
Hensarling: "Post Dodd-Frank we've seen community banking wither on the vine under regulatory burden, w/ costs passed to low income buyers"
45 minutes ago
Rep. Capito on #HR5148: This is common sense reform...could work well in areas with avg home price less than $200K, would help those buyers
46 minutes ago
.@FinancialCmte is now discussing #HR5148. Act would amend TILA to exempt high-risk mortgages from property appraisal reqs
48 minutes ago
Reps. Hensarling and Luetkemeyer have pledged to ensure #creditunion parity before #HR4042 sees action on House floor
52 minutes ago
The @FinancialCmte has ordered a recorded vote for #HR4042. There will be no #creditunion amendment to the bill.
54 minutes ago