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CU System
The Golden 1 honoring state IOUs
SACRAMENTO, Calif. (7/1/09)--The Golden 1 CU intends to accept California state-issued IOUs from its members in response to the budget standoff between Gov. Arnold Schwarzenegger and state lawmakers. Lawmakers were meeting earlier this week to develop a budget that deals with a $24 billion funding shortfall (Sacramento Business Journal June 29). The $6.971 billion asset, Sacramento-based credit union has created state budget loans with a 0% annual percentage rate to aid state employees affected by the budget standoff. California could start issuing IOUs or registered warrants for many payments this week, John Chiang, state controller, told the newspaper. The Golden 1 has a tradition of helping communities in need, and the credit union will be there for its members if they need help during the state’s budget crisis, Teresa Halleck, Golden 1 President/CEO, told the paper.
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