Gentile Calls for CU Support this Thursday in Trenton for Public Deposits Legislation

Posted by Marissa Anema Tuesday, June 14, 2011 11:25:00 AM

TRENTON, N.J. - Legislation that would enable counties, school boards, municipalities, and other local government entities to utilize credit unions as depositories (A-1597) has been scheduled for consideration by the Assembly Financial Institutions & Insurance Committee on Thursday at noon. NJCUL will testify in support of the legislation, and needs your support to continue to move this legislation forward.

The bill is sponsored by Assembly Speaker Shelia Oliver (D-34), Deputy Speakers Upendra Chivukula (D-17) and John Wisnieski (D-19), and has 11 additional co-sponsors from both sides of the aisle.

A companion bill (S-1807) sponsored by Senate President Sweeney (D-3), Senate Republican Conference Leader Bob Singer (R-30), and Deputy Majority Leader Paul Sarlo (D-36) passed the Senate last June.

"New Jersey credit unions have stepped up to support us throughout this process, and we need that support again this Thursday," said NJCUL President/CEO Paul Gentile. "We invite credit unions to send a representative to the committee meeting to submit 'Support Slips' on behalf of the credit union in favor of the legislation."

The name of the credit unions that submit slips will be read aloud at the hearing, showing the grassroots power of New Jersey credit unions.

Credit unions can download directions to the hearing and view Gentile's letter to CUs on this issue for further details. Credit unions that need further information can contact Chris Abeel at


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