Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Pa. CUs to aid state employees in budget impasse
HARRISBURG, Pa. (7/2/09)--Nine credit unions in Pennsylvania have announced plans to offer special low-interest loans and lines of credit to help members who are state employees cope with the potential loss of their paychecks. Pennsylvania lawmakers were still negotiating a new budget when the state’s fiscal year ended Tuesday. If legislators remain locked in a budget stalemate after July 17, paychecks would be withheld from 69,000 state employees, according to the Pennsylvania Credit Union Association (Life is a Highway July 1). Speaking at a press conference, Gov. Ed Rendell and Secretary of Banking Steve Kaplan praised the leadership shown by Pennsylvania State Employees CU and highlighted the efforts of three additional credit unions: AmeriChoice FCU and Members 1st FCU, both based in Mechanicsburg, and Oil Country FCU, based in Titusville. Other credit unions developing special programs include Altoona VA Hospital FCU, Altoona; Belco Community CU, Harrisburg; Grove City (Pa.) Area FCU; NE PA Community FCU, Stroudsburg; and Your Choice FCU, Altoona. State employees are required to remain on the job even if the budget is still in limbo. They are then paid for their work retroactively after a budget is signed. Pennsylvania has been unable to meet the annual July 1 budget deadline since 2002. This year, lawmakers have split over Rendell’s proposal to help close a $3.2 billion deficit by increasing the personal income tax rate.


RSS print
News Now LiveWire
Economic activity slowed in June, according to the #Chicago Fed's national activity index, released today #Market http://t.co/1pN6peM8my
14 hours ago
Money burns a hole in workers' pockets after payday, despite best intentions via @WSJeconomy http://t.co/A9SNiUdf9v
15 hours ago
"SAR Stats," new from #FinCEN, focuses on #bitcoin. See #NewsNow http://t.co/vS7iTwY2SW
16 hours ago
.@CFPB now accepts consumer complaints on prepaid cards, debt settlement services, credit repair services, and pawn and title loans.
17 hours ago
.@WellsFargo to process transactions in order received, not high to low http://t.co/g0jWJoegoJ
17 hours ago