SACRAMENTO, Calif.-"Early, proactive measures" taken by the Golden 1 prior to the recession have had a positive, "notable impact" on the ability of members to repay debts, according to CEO Teresa Halleck.
While the state worker segment of its membership historically had provided stability to the CU, she said "substantive impacts" from furloughs "have eroded that stability and our state workers are suffering economic challenges along with the broader community."
Beginning in 2006, it reduced home equity and personal lines of credit as warranted, and took other steps to address potential delinquencies among its members that have helped The Golden 1 to continue to grow.
Hallack shared with Credit Union Journal some of those strategies and others related to containing costs. Subscribers can get the full story by going to cujournal.com and searching "Halleck."
