EATONTOWN, N.J. – The South-Central Chapter of Credit Unions’ featured speaker last night was Republican State Senator Bob Singer who played a major role in passing legislation that allows credit unions to enter the $14 billion municipal deposits market.
“What we did for credit unions last year was the right thing to do. Hopefully credit unions can drive more competition and ultimately help taxpayers,” Singer said.
Senator Bob Singer discussing credit unions' municipal deposits opportunity at last night's South-Central Chapter meeting.
Singer made a key point to attendees: get your credit union listed as an eligible depository with your local public entities. “You should do it at the organizational meeting, but if they tell you they can’t add you later, they are wrong. They can add you later,” said Singer.
He said credit unions should be strategic in evaluating public funds opportunities and understand what they’re getting into. He also noted that many municipalities have policies to put some public funds with any institutions based within their borders, so CUs should be particularly active in their own municipalities.
On other issues, Singer noted that the governor’s push to make changes in educator compensation and accountability isn’t anti-teacher, it’s a matter of what is reasonable and what the state can afford. On the growing discussion about foreclosures, Singer noted that the foreclosure process in New Jersey can be very long, spanning 4 years for many in foreclosure, while the financial institution pays the taxes and insurance. He called for reasonable work-outs in cases where it can actually help, but a need to reduce abuse in the foreclosure system.