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New Jersey league granted 30000 for small CUs
HIGHTSTOWN, N.J. (10/31/08)--The New Jersey Credit Union League (NJCUL) received a $30,000 Innovation Grant from the National Credit Union Foundation (NCUF) to help small credit unions.
New Jersey Credit Union League Field Representative Angel Santos (left) and Salem Baptist FCU President Ethel Bond (standing) begin the Small Credit Union Initiative with board members and management. (Photo provided by the National Credit Union Foundation)
NJCUL is matching the grant with $30,000. The New Jersey Credit Union Foundation is contributing an additional $10,000. More than 60% of New Jersey’s credit unions have less than $10 million in assets. The NJCUL created a Small Credit Union Task Force to help them. The task force includes small, large and corporate credit unions, and the National Credit Union Administration. Five issues hindering small credit unions’ success are:
* Lack of board involvement and participation; * Lack of strategic planning or direction; * Not committing resources necessary to improve the credit union; * Lack of management’s desire to grow; and * Not enough focus on getting where the credit union needs to go.
“Through education, we strive to give board members and management the knowledge they need to better oversee and manage their credit unions,” said NJCUL President Paul Gentile. “Our desire is to help boards and management work together to ultimately make each credit union a better financial institution for its members.” Twelve credit unions up to $20 million in assets will participate in NJCUL’s Small Credit Union Initiative. Each must undergo a membership survey, operational analysis, and a facilitated peer review as part of their strategic planning.
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