Wednesday, June 15, 2011 11:31:00 AM
ATLANTIC CITY, NJ - The New Jersey Credit Union League is among the exhibitors this week at the NJ Association of Counties Convention & Annual Meeting in Atlantic City. The convention is attended by thousands of county and state officials and provides an excellent opportunity to bring credit union messages to state and local lawmakers and policy leaders from around the Garden State.
Yvette Segarra, NJCUL Manager of Special Events, together with Senate President Steve Sweeney (D-3). Sweeney introduced and has been a driving force behind the legislation that would enable local governments to use credit unions.
Front and center among those messages is the need to amend the state's forty year-old Government Unit Depository Protection Act (GUDPA), which gives banks a virtual monopoly on government banking, and precludes local government entities from utilizing credit unions as depositories. The NJ Association of Counties supports the reform.
The Senate passed the measure last year and the Assembly Financial Institutions & Insurance Committee is scheduled to consider it tomorrow.
In addition to traditional credit union messages and materials, the NJCUL exhibit includes posters and handouts focused on the need to enact municipal deposit reform to help reduce property taxes and "put taxpayers before shareholders."
Beyond the League's legislative agenda, events like this prove invaluable from a business development standpoint.
The convention runs through Thursday evening.