California Slashes CU Fees

SACRAMENTO, Calif. - (07/06/06) – The Department of FinancialInstitutions announced it is reducing operating fees on statechartered credit unions by a significant amount for the secondstraight year, to the lowest rate in the past decade. Thisyear’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%. Therate charged banks will remain the same this year, $1.36 per $1,000of assets. Invoices were mailed to about 175 state chartered creditunions on June 30 and are due by July 20.