Monday, October 24, 2011 11:07:00 AM
In an article titled "Municipal Deposit Opportunities Opening", CreditUnions.com sheds light on credit unions and leagues that are pushing for access to public deposits, highlighting New Jersey recent municipal deposit success.
According to the article, credit union executives say with public deposits they can develop more member services and reach different aspects of the community, including those that already have a relationship with the credit union, and that's how it is in New Jersey.
The article uses the example of Affinity FCU of Basking Ridge, N.J., which has an affinity program with Hillsborough Township. "They'd love for us to be on the other side of their transaction, which is to take deposits, because we have such a big branch presence in the municipality," Affinity FCU CEO John Fenton said. "It's just a natural fit. . They'd rather do business with us because we have a bigger relationship with them on a lot of different fronts."
NJCUL President/CEO Paul Gentile explained to CreditUnions.com that as players in the municipal deposit market, credit unions can foster more competition, which results in higher rates and lower fees for government's money.
Credit union collateral in lobbying lawmakers is consumer voice," Gentile said. "Bring the consumer into the fight early to put pressure on the lawmakers."
The article is available in its entirety here.