HIGHTSTOWN, N.J. – The NJ Credit Union League and NJ Department of Banking & Insurance (DOBI) conducted training yesterday for credit unions interested in becoming eligible municipal depositories under the state’s Governmental Unit Depository Protection Act (GUDPA).
NJCUL President/CEO Paul Gentile welcomes all of the credit unions participating at the League and at Atlantic FCU and Members 1st of NJ via video conference.
Some 50 credit union professionals from 26 credit unions and two corporate credit unions participated. In addition to Hightstown, the session was available via the League’s video conferencing at Members 1st of NJ FCU in Vineland and Atlantic FCU in Kenilworth.
Patrick Mullen, Assistant Banking Division Director, NJ Department of Banking & Insurance, addressing the credit unions.
League-backed legislation was enacted in 2011 and implementation rules were published last week to allow credit unions to enter this $15 billion-plus market.
Credit unions are now able to apply to be included on the list of eligible depositories for the state’s more than 1,400 local government entities including 21 counties, 566 municipalities, and 611 school districts.
Carolina Chong, Financial Examiner, Division of Banking, NJ Department of Banking & Insurance, using the Smartboard to instruct attendees both at the League at the remote locations.
Topics covered included the application process, online registration, filing requirements, collateral calculations, and the ongoing management of this process. It gave attendees an opportunity to meet DOBI’s GUDPA team.
“The League will be scheduling additional municipal banking training but this session was an essential first step to becoming a public depository,” NJCUL President/CEO Paul Gentile said as the session concluded.
This session was open to all New Jersey credit unions, and there was no charge to attend.