Search
 

California Senate Passes Bill to Help CUs Serve Low-Income Consumers

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...

By Staff Writer | Updated on June 08, 2004

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.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.