CUs get more press on state employee assistance

WASHINGTON (9/4/09)--Credit unions nationwide received more media attention for helping state workers who are not receiving their paychecks.

A Thursday Stateline.org article noted Virginia CU, Richmond, Va., for its Virginia State Employee Loan Program, which the credit union operates in partnership with the Commonwealth of Virginia Campaign to help state workers who are not being paid. The loans have a 24.99% annual percentage rate, and are intended to prevent state workers with poor credit from using payday lenders--who could charge 300% or more in interest, the publication said.

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Courtesy of cuna.org