Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Members 1st to aid workers if no state budget
MECHANICSBURG, Pa. (6/10/09)--Members 1st FCU, Mechanicsburg, Pa., has designed a program to assist state employees who are members of the credit union if there is a state budget impasse in Pennsylvania. Members who are affected will have the option to either “skip” a payment on any existing loans at no charge, or take advantage of a special 3.9% Annual Percentage Rate (APR) line of credit, providing they meet credit approval criteria (Life is a Highway June 8). The rate will be effective through July 31, and the first payment will be deferred until August. Qualifying members can borrow up to the amount of their normal paycheck. “We serve many state employees who may be impacted if this budget issue is not resolved,” said Bob Marquette, president of Members 1st. “We understand the difficulty this may present to them and are committed to assisting them in any way that we can.” Pennsylvania State Employees Credit Union (PSECU), Harrisburg, also has said it will help its members who may be affected if a budget agreement is not reached by July 1 (New Now June 1). If there is an impasse, PSECU will offer a special loan program for members who are state employees. Employees who stay on the job but don't receive a paycheck can apply for a 0% APR loan (Life is a Highway May 29). For members who meet PSECU’s credit criteria, the 0% rate will be available up until 60 days after the governor signs the new budget into law. After 60 days, the loan would begin accruing interest at 3.9% APR until paid in full. Members participating in the program can borrow up to $1,000 per pay period.
Other Resources

RSS print
News Now LiveWire
Housing starts swell in July #NewsNow #Market http://t.co/EdKIhXEj9l
12 hours ago
Consumer inflation tapers after spring surge #NewsNow #Market http://t.co/bgvQd8fyuF
13 hours ago
Have you read this one today in #NewsNow? What NCUA examiners look for on cybersecurity efforts: NCUA Report http://t.co/4g5wUavUAe
14 hours ago
.@CFPB sets $2.75M fine v. auto finance co. it says "distorted consumer credit records for years": TX-based First Investors Fin. Serv. Group
14 hours ago
University, college #creditunions add fin ed to higher ed. See #NewsNow http://t.co/NsyshwHPhg
16 hours ago