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News Now

CU System
New Jersey league exhibits at municipalities convention
ATLANTIC CITY, N.J. (11/18/10)--The New Jersey Credit Union League (NJCUL) is among the exhibitors this week at the New Jersey League of Municipalities Convention & Annual Meeting in Atlantic City. The convention is attended by more than 20,000 officials statewide and provides an opportunity to bring credit union messages to state and local lawmakers and policy leaders from around the state. Foremost among those messages is the need to amend the state’s 39-year-old Government Unit Depository to Protection Act (GUDPA), which gives banks a virtual monopoly on, and precludes local government entities from utilizing credit unions as, depositories, said the The Daily Exchange (Nov. 17). The municipalities league has adopted as one of its legislative priorities support for the pending bill to bring GUDPA into the 21st century. In May, state legislation that would create a New Jersey Banking Development District (BDD) Program was reported favorably from the state’s Assembly Financial Institutions and Insurance Committee (News Now May 11). Credit unions are included in the bill’s definition of “bank,” according to NJCUL. The league supported the bill, said Chris Abeel, NJCUL government affairs director. Beyond the league’s legislative agenda, the conference is invaluable from a business development standpoint, the NJCUL said. Visitors to the league booth receive “Find a Credit Union” cards, which direct them to the findacreditunion.com website. Several employers have requested information on how to offer their employees the opportunity to join a credit union, NJCUL said.


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