Thursday, August 25, 2011 11:50:00 AM
During an exciting week in New Jersey with a big win for credit unions on the legislative front and a small earthquake hitting the East Coast, Paul Gentile appeared on an episode of CUBroadcast with Mike Lawson to discuss the many headlines in New Jersey.
The biggest news Gentile covered was New Jersey's credit union's municipal deposit victory this past Friday. "Last Friday Governor Chris Christie, who, as a lot of people know, is on the national scene, he signed legislation into law that allows credit unions to accept public deposits here in New Jersey," Gentile explains. There's a $15 billion public deposit market in New Jersey that banks, until now, have a monopoly over. The League lobbied hard that credit unions could mitigate risk and drive competition for taxpayers. "It's a great victory for New Jersey credit unions," Gentile continues.
Gentile also discusses NJCUL's "Banking You Can Trust" consumer awareness campaign, explaining that those four words tell the story of credit unions and the industry should not be afraid to use the term "banking" in its promotions. Gentile also discusses the national ASmarterChoice.org consumer awareness site developed by leagues and CUNA.
Lawson also asks Gentile about the economic climate and its affect on credit unions, the current and seemingly growing regulatory burden on credit unions, and the tough lending environment. Gentile also talks about the upcoming 77th Annual Meeting and Convention in Atlantic City in September and, at the top of the show, he gives his personal account of the minor earthquake that shook the state on Tuesday.
The episode is available online here.