Schwarzenegger Backs Off Plan To Cut CU Committee

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California Gov. Arnold Schwarzenegger's has withdrawn his plan to eliminate 88 regulatory and policy-setting boards and commissions, including the Credit Union Advisory Committee. The Credit Union Advisory Committee is comprised of seven credit union leaders from throughout the state who meet with the DFI Commissioner, the DFI Deputy Commissioner for Credit Unions, and other senior department officials. The committee predates the creation of the DFI, back to the time when the California Department of Corporations was the state credit union regulator.

Schwarzenegger had proposed the cuts to help address the state's budget problems, but credit unions were quick to respond in both letters and testimony that the CU Advisory Committee's work is voluntary and does not cost the state any funds. "We thank the governor for listening to the concerns of credit unions, along with those of other industries and professions," said Ron Fong, league director of state government affairs. "The commissions play a valuable role in the state's economy, and, in the case of the Credit Union Advisory Committee, at no cost to California taxpayers."

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