California Regulator Slashes CU Operating Fees

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The Department of Financial Institutions announced it is reducing operating fees on state chartered credit unions by a significant amount for the second straight year, to the lowest rate in the past decade.

This year's rate will be 44.7 cents per $1,000 of assets, down 18% from last year. The DFI slashes the rates last year by 15%. The rate charged banks will remain the same this year, $1.36 per $1,000 of assets.

Invoices were mailed to about 175 state chartered credit unions on June 30 and are due by July 20.

Ed Roberts can be reached at robertscuj (c) 2006 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.

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