TRENTON, N.J. – Legislation (A4030) that would expand the state’s Credit Union Advisory Council (CUAC) to seven members and provide for representation of federally chartered credit unions is up for Assembly of Financial Institutions and Insurance Committee vote this morning. The League hopes to get a full Assembly vote before the end of the session and the bill sent to the Governor for his action.
The Assembly bill was sponsored by Assemblyman Troy Singleton (D-7).
The Senate bill (S2660), sponsored by Senate President Steven Sweeney (D- 3), passed by a 38-0 vote in November.
The bill expands the CUAC from five members to seven and designates that not less than 4 seats can be held by representatives of state chartered credit unions and not less than two seats can be held by representatives of federally chartered credit unions.
The CUAC was established through legislation enacted in 1984 as a vehicle for state chartered credit unions to advise state government on credit union-related matters. Members are nominated by the governor and must be confirmed by the state Senate.
This legislation recognizes that federally chartered credit unions, though primarily regulated by the federal government, are also subject to numerous state laws and regulations and should have a voice as well.
The bill was approved unanimously by the Senate Commerce Committee on June 13, 2013.