State Budget Updates

As the State budget crisis unfolds, we will keep panel attorneys as up-to-date as possible on the status of the budget and the IOU situation. Please check this page, as well as the Panel News Alerts page for updates.

To assist panel attorneys in sorting out the information floating around, ADI has designated two staff attorneys as claim "hotline" contacts -- Dave Rankin (dkr@adi-sandiego.com, 619-696-0284 ext. 33) and Cheryl Geyerman (cag@adi-sandiego.com, 619-696-0284 ext. 23).  They will investigate questions and try to pin down the accurate answers.

Panel attorneys are invited to notify Dave or Cheryl whenever they learn of a particular bank's policy or read a helpful article. The purpose of the site is just to point you toward general sources of information; panel attorneys are responsible for verifying any information before acting in reliance on it and for ascertaining particular details about their own bank's policies.

Official Information:

Controller's Website
Governor's Website
State Press Release: Gov. Schwarzenegger Declares State of Emergency Due to Budget Impasse
Federal Reserve Press Release: Federal Reserve advises bank customers on California registered warrants
Controller's Office: Frequently Asked Questions about Registered Warrants (IOUs)
Treasurer's Office: Redeeming Registered Warrants: What You Need to Know

Articles:

Union Bank Prepared to Accept Customer's Registered Warrants Following State Board's Approval of Treasurer's Borrowing Plan (August 19)
California to end IOUs on Sept. 4 (August 13)
Calif. to Stop Issuing IOUs as Budget Stabilizes (August 13)
When will California Stop issuing IOU's? (August 6)
California IOUs: Where's My Cash? (July 30)
Looking to sell a California IOU? Read this first (July 13)
California IOUs to be shunned by big banks after today (July 10)
Credit unions staying course on state IOUs (July 8)
California IOU holders may turn to check cashers (July 7)
Leaders to resume Monday morning, deal remains elusive (July 6)
Sacramento Bee AM Alert: July 6
Big banks to take California IOUs until July 10 (July 2)
Sacramento Bee AM Alert: July 2
State rolls out 3.36 billion in IOUs today (includes FAQ) (July 2)

Banks Accepting IOUs from existing customers (Updated July 13)

State Treasurer: Which Banks and Credit Unions Will Accept Registered Warrants From Their Customers?

Citibank (through July 17)
California Bank & Trust (unclear how long they will be accepting IOU's)
Bank of the West (accepting "indefinitely")
City National Bank (accepting "indefinitely" but reserve the right to stop at any time)

Credit Unions Accepting IOUs
Orange County's Credit Union (through August 1)
Treasurer lists banks that take state IOUs (detailed list of credit unions, as of July 11)
California Credit Unions Accepting IOUs (California Credit Union League)

Twitter Feeds with updated information:

http://twitter.com/ccleague Community College League of California - Budget updates from Scott Lay and Theresa Tena
http://twitter.com/KQED_CapNotes CA Politics from KQED Public Radio and The California Report
http://twitter.com/ShaneGoldmacher CA politics and gov't reporter for the LA Times
http://twitter.com/capitolweekly The newspaper of CA government and politics

For those with Twitter accounts, you can do a real-time Trending Topics search for #cabudget