TRENTON, N.J. (4/30/13)--A companion bill to New Jersey legislation that would expand the state's Credit Union Advisory Council (CUAC) to seven members and provide for representation of a minimum of two federally chartered credit unions has been introduced in the State Assembly, said the New Jersey Credit Union League.
A-4030, a companion to legislation (S-2660) introduced last month by Senate President Stephen Sweeney (D-3), was introduced by Assemblyman Troy Singleton (D-7) (The Daily Exchange April 29).
The legislation recognizes that federally chartered credit unions--though primarily regulated by the federal government--also are subject to many state laws and regulations and should also have a voice, the league said.
CUAC was established with legislation enacted in 1984 so state-chartered credit unions can advise state government on credit union-related matters. Members are nominated by the governor and must be confirmed by the state Senate.
In October, Singleton agreed to amend his bill (A-2941)--at the league's request--to consolidate several Department of Banking and Insurance (DOBI) advisory boards and councils. The bill was introduced in response to a DOBI recommendation under a governor's executive order, which directed all departments to scrutinize the duties and spending of independent state boards, commissions, authorities and agencies.
DOBI determined that consolidating of the CUAC and two other boards into one Consumer Finance Advisory Board "would best serve the needs of the citizens of this state."
The new board would have consisted of nine statutorily defined representatives with only two seats designated for credit unions. Under the amended language, the bill would consolidate two boards while preserving a separate, dedicated CUAC, the league said.