The New Jersey Credit Union League has created an eight-person Corporate Credit Union Future State Task Force to assist its member credit unions in evaluating the current state of the corporate network and future options for corporate services, both within the corporate system and beyond.
"We think this task force can play an important role in helping our members understand the options they will have going forward," said NJCUL President Paul Gentile. "So many credit unions are concerned and worried about the future of corporate services they have relied on for decades. The best way to overcome the uncertainty is to get educated on the landscape."
The eight-person Task Force is made up of leaders from two categories: credit unions with less than $25 million in assets and credit unions with more than $25 million in assets. The Task Force members are the following:
$25 Million and Over:
* Ray Del Nero, CEO, Merck Employees FCU
* Kennith Fredriksen, CFO, First Financial FCU
* Bill Kennedy, CFO, Jersey Shore FCU
* Rina Pantano, CEO, NJ Gateway FCU
$25 Million and Under
* Beth Frentz, General Manager, Public Service FCU
* Sandy Mullins, CEO, West Orange Municipal FCU
* Chris Chichester, CEO, Jersey Central FCU
* Carolyn Anderson, CEO, Financial Assurance FCU
The following is the scope of the task force:
. Provide a baseline on the current state of corporate credit unions that serve the majority of New Jersey credit unions.
. Evaluate the business plans of the corporate credit unions that serve the majority of New Jersey credit unions for effectiveness of a sustainable business model.
. Identify and evaluate other potential providers of corporate services-including payments, settlement, liquidity, investments-beyond the corporates that serve the majority of New Jersey credit unions. Providers will include other corporates and/or like entities and other providers.
. Establish principles that guide the future desired model of the corporate credit union system, and/or how credit unions receive traditional corporate services of payments, settlement, liquidity, investments.
The task force will deliver a report of its findings for potential use by NJCUL members to aid in their decision making process for securing corporate services in the future.