SAN DIMAS, Calif. - The Y2K bug was effectively squashed by the credit union industry, but some aftereffects still linger. The $12 million in assets WesCorp announced that it is waiving the remaining commitment fees on its Y2K committed lines of credit that it offered CUs to help protect against any potential liquidity runs stemming from Y2K. According to WesCorp, the fee waiver is expected to result in savings of $280,000 to its member CUs. Because Y2K proved to be a non-event the majority of WesCorp members that took out Y2K CLOCs did not access them. "WesCorp is a cooperative organization created by credit unions for their benefit, and I am pleased we can provide this opportunity to reduce our members' fees," said Richard Johnson, president/CEO of WesCorp. -
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