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News Now

CU System
Banking Commissioner testifies on N.J. CUs strength
TRENTON, N.J. (2/25/09)--New Jersey Commissioner of Banking and Insurance Steven Goldman noted the strength of the state's credit unions when he testified at a legislative committee hearing on the global economic crisis and the condition of banking and financial services industry in the state. During his testimony before the New Jersey Assembly Financial Institutions and Insurance Committee, Goldman commented that "New Jersey state-chartered credit unions have a combined net worth ratio--that is, ratio of net work to total assets--of 13.83%, which is well above the minimum capital ratio of 6%," said the New Jersey Credit Union League (The Weekly Exchange Feb. 16). Committee Chairman Gary S. Schaer (D-36) noted that the state "is probably in better shape than many of us have thought and understood." Also testifying were representatives from the Federal Reserve Bank of New York, New Jersey Economic Development Authority, New Jersey Bankers Association, and WISS & Co.


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