TRENTON, N.J. – XCEL FCU President/CEO and NJCUL Board Chair Linda McFadden yesterday briefed the NJ Assembly Financial Institutions and Insurance Committee (AFI) on the status of credit unions and their state legislative priorities at its first official meeting of the new legislative session.
AFI has almost doubled in size, and has nearly all new faces with only two members carrying over from the previous session. Four members are new to the Legislature altogether.
The committee’s new Chair, Asm. Craig Coughlin (D-19), invited the League, the NJ Bankers Association, and the state’s Division of Banking to brief committee members on the state of the financial industry and their respective concerns and legislative priorities.
McFadden outlined the size and strength of N.J.’s credit union movement, the not-for-profit, cooperative structure of credit unions, the growth in credit union lending, particularly small business lending, and what would help credit unions better serve their members, including modernizing the state charter, the importance of the state moving to electronic automobile lien and titling (ELT), and the need to enact the data breach protection legislation first introduced in 2006 at the joint request of the League and NJ Bankers Association. That measure has been re-introduced in successive legislative sessions but has yet to be acted on. McFadden talked about the recent Target data breach and said, “It’s time for New Jersey to act to protect consumers by enacting A-1239.”
She also discussed the state’s foreclosure crisis and the fact that on average a foreclosure in N.J. takes 1,002 days, the longest in the nation, noting that, “no one, not lenders, not current or future borrowers, nor our communities are served well when homes languish in foreclosure.”
McFadden’s full testimony is available here.