League, CU Reps Brief Senator Cory Booker on CU Issues

Friday, January 24, 2014 11:30:00 AM

NEWARK, N.J. – NJCUL staff and board members, and representatives of a smaller and larger asset-sized credit union, met yesterday with U.S. Senator Cory Booker (D-NJ) to brief him on credit union issues, congressional priorities and financial literacy efforts.

From left to right: NJCUL President/CEO Greg Michlig, NJCUL Director of Government Affairs Chris Abeel, MidState FCU President/CEO and NJCUL Board Member Tracy Sussmann, Senator Cory Booker, Affinity FCU President/CEO John Fenton, Essex County Teachers FCU President/CEO and NJCUL Board Member Bob Steeves, and Newark Board of Education Employees CU CEO Eddie Daniels. 

The former mayor of Newark took office October 31st following the special election to fill the vacancy created by the June passing of Frank Lautenberg. He won with 54% of the vote. 

NJCUL Director of Government Affairs Chris Abeel said the League has been building relations with Senator Booker for several years.

Booker has spoken at an NJCUL Chapter Meeting, taken part in a Garden Savings FCU fundraising event that benefited the Newark Y.E.S. (Youth Education, Employment and Success) Center, and addressed attendees of the 2013 CO-OP Think Conference in Chicago.

“He has expressed support for credit unions on numerous occasions and we are excited to work with him in his new role as a U.S. senator," Abeel added.

Congressional priorities discussed at yesterday’s meeting include preserving the credit union tax status, relief from growing regulatory burden, the need to ensure equal access to a viable secondary mortgage market in any housing finance reform, and how charter enhancements such as increased member business lending (MBL) authority and access to supplement, or alternative, capital can help with the nation’s economic recovery.  

“Senator Booker already had an excellent understanding and appreciation of the unique and important role credit unions play, and he seemed very interested in seeing that role expanded,” NJCUL President/CEO Greg Michlig said following the meeting.

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