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CU System
Magazine features New Jersey league article
HIGHTSTOWN, N.J. (9/3/10)--New Jersey Business magazine featured an article on how credit unions in New Jersey have stayed viable through tough economic times and dedicated to helping consumers and businesses in the state. The article was written by New Jersey Credit Union League President Paul Gentile in a special 100th anniversary September 2010 issue of the magazine (The Daily Exchange Sept 2). “The 100-year history of credit unions is as diverse as the more than 90 million Americans they serve today,” Gentile wrote in the article, titled “Cooperative Ventures.” He explained the origins of “credit societies” in Germany, which eventually translated to the establishment of credit unions in the U.S. by Edward Filene and Roy Bergengren. Gentile outlined the history of credit unions in America, from their role as safe keepers for funds during the Great Depression to the economic turmoil of 2009, when credit union lending grew while other financial institutions held back. He also explained the establishment of the Credit Union National Association and the New Jersey Credit Union League. New Jersey has more than 200 credit unions with $11 billion in assets, serving more than 1.2 million state consumers, Gentile noted. “Credit unions also are looking to help New Jersey’s public entities earn a better return on their deposits,” he wrote. “Recently, the New Jersey Senate passed legislation that would allow credit unions to accept public deposits. This is a positive development for taxpayers. If credit unions can bring more competition to the municipal deposit market, taxpayers win.” To read the article, use the link.


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