In a special section in the June issue of COMMERCE Magazine dedicated to banking, NJCUL President/CEO Paul Gentile explains why New Jersey credit unions were able to maintain their level of success during these rough economic times. "Credit unions stick to their mission of serving their members and don't stray from that. We didn't engage in exotic loan practices. We keep it simple," he states.
For the story, which is also featured on the cover of the magazine with a photo of Gentile, COMMERCE recently sat down with the NJCUL leader to get a snapshot of New Jersey credit unions and the issues currently affecting them. Gentile discussed trends affecting credit unions in such areas as deposits and lending, credit unions' focus on lowering property taxes, social media - including the launch of the ASmarterChoice.org site, credit unions' adjustment to the Great Recession, and a slew of other topics.
The most important issue facing New Jersey credit unions in 2011, according to Gentile, is lowering property taxes by way of municipal deposits. Legislation passed in the Senate that allows credit unions to accept these deposits, but it is currently stalled in the Assembly. "Why shouldn't credit unions be able to compete and give municipalities a better return on their money to help lower taxes?" Gentile points out.
As for his view of the future of the industry, Gentile expects New Jersey credit unions to have a growth spurt. "We currently have 1.2 million members," he states, "I expect that to double in 20 years. I think credit unions will become more tech-savvy than ever and lead the way in consumer satisfaction, which will lead to more growth."
To view the full electronic version of the June issue of COMMERCE Magazine, click here.
Gentile's cover photo, the article, and the "Banking You Can Trust" ad included in the magazine can be found here.