Hopeful signs were starting to appear this week for credit unions and their regulators in a score of states gripped by revenue crises.
"All I can say is our division is in good shape and there are no reductions contemplated for our examiners," said Jerre Jay, administrator of the North Carolina Credit Union Division, after the legislature on Thursday cleared a budget bill that might have spelled eventual department reductions and eliminated its independent status in state government.
The North Carolina Credit Union League had expressed concern the independent status might be lost under the state's General Fund, but Jay stressed that all is well, noting, "We run a pretty tight ship and we've only increased our fees just a little."
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Besides, the five-examiner agency is able to successfully handle a 60-CU workload, considering "we've lost some credit unions through mergers," Jay said.
And in Pennsylvania, state employees were slated to start receiving paychecks on Monday after the governor and lawmakers agreed on a stopgap budget bill that restores some lost salaries to the 80,000 employee out of funds since early in July.
Pennsylvania State Employees CU of Harrisburg, one of 25 CUs offering emergency loan products to strapped employees, said it has now advanced more than $20 million to 15,000 members but now expects that total to fluctuate "because of payments and continued credit to
non-paid state members."
And so far, Maine credit unions were reporting no problems after the state this month began 10-day a year furloughs for all state employees.
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