SACRAMENTO, Calif. – The California State Senate by a vote of 32-5, passed a bill introduced by state Sen. Joe Dunn (D-Garden Grove) that would allow state-chartered credit unions to cash checks, wire money, and provide other lifeline financial services to potential members. SB 1292 would expand affordable financial services for the state's low-income residents. It is similar to three bills currently in Congress that would expand CU service to Americans who have no relationship with a financial institution – H.R. 1375, The Financial Services Regulatory Relief Act; H.R. 3579, the Credit Union Regulatory Improvements Act; and H.R. 4348, the Financial Services for All Act. In addition to cashing checks and providing remittance services, a state-chartered CU under SB 1292 could also sell traveler's checks and money orders to non-members in the CU's field-of-membership. AB 1292 is now headed for the Assembly Banking and Finance Committee.
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