Panel Passes California's Low-Income CUBill

SACRAMENTO, Calif. - (05/08/03) -- The state Senate Banking Committeeapproved a bill Wednesday that will create a low-income designationfor state chartered credit unions and allow those credit unions toserve non-members within their fields of membership (FOM). The bill now goes to the Senate's AppropriationCommittee, where it is expected to be reviewed in the next fewweeks. "The vote in the Appropriations Committee must take place byMay 30," John Van Etten, lobbyist for the California CU league,told The Credit Union Journal. "We are optimistic that it will getpassed, but given the state's budget shrotfall, there is concernover every little cost, and there will be some cost."