Governor Signs CUAC Bill CUs Represented at Inaugural

Wednesday, January 22, 2014 11:47:00 AM

RENTON, N.J. – Although Governor Christie let die or “pocket-vetoed” nearly 50 bills yesterday after heading over to the Trenton War Memorial to take the oath of office for his second term, he signed NJCUL supported legislation (S-2660) to expand the state’s Credit Union Advisory Council (CUAC) to seven members and provide for representation of federally chartered credit unions before the noon deadline.

NJCUL President/CEO Greg Michlig (right), Director of Government Affairs Chris Abeel (left) and contract lobbyist Carol Katz (center) joined lawmakers and other dignitaries who braved the frigid, snowy weather yesterday to attend the invitational-only swearing-in of Governor Chris Christie to his second term.

The legislation was sponsored by Senate President Steven Sweeney (D3) and Assemblyman Troy Singleton (D7) in their respective houses of the legislature.

The bill expands the CUAC from five members to seven and designates that not less than four 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.

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