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CU System
N.C. regulator still independent takes budget hit
GREENSBORO, N.C. (8/10/09)--The North Carolina state budget has been announced and indicates that the state Credit Union Division will remain independent, according to the North Carolina Credit Union League. The Credit Union Division was removed from the state’s general fund. However, the division’s reserves of $760,411 will be transferred to the General Fund. “We consider the removal of the Credit Union Division’s budget from the General Fund a win for state-chartered credit unions,” said Lauren Whaley, league director of state legislative affairs. “The division has escaped the budget cuts and political influence it would have been subjected to under control of the legislature. Allowing the division to maintain its autonomy is vitally important with the current conditions of the financial industry and economy.” Whaley also noted that no furloughs or layoffs of examiners in the division are planned.


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