We've been hearing from state workers who want to know if The Golden 1 credit union plans to offer low- or no-interest loans to state workers if a budget impasse leads to minimum wage.
So we asked Terry Halleck, president and chief executive of The Golden 1. She said that the Sacramento-based cooperative is "monitoring" budget developments, but stopped short of saying that it will loan money to state workers if their pay is temporarily withheld.
And until the state does something definitive, the company won't have anything else to say, Halleck told The State Worker.
For years, The Golden 1 has offered zero-interest loans to the 1,100 or so legislative staff who receive no pay when lawmakers fail to pass a budget by the June 15 constitutional deadline. Only Golden 1 members with direct payroll deposit qualify for those loans, however.
During the 2008 budget impasse, the credit union teed up a broader loan program when it looked like state employees' pay was going to be withheld. Click here to read more about how the plan would have worked had Chiang complied with the pay letters.
California state employees started The Golden 1 in 1935. Today, roughly 100,000 of its 680,000 members are state workers. The credit union is California's largest financial co-op and the sixth-biggest in the country with nearly $7 billion in assets.
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