TRENTON, N.J. (11/21/13)--Legislation to expand New Jersey's Credit Union Advisory Council (CUAC) to seven members and provide for representation of federally chartered credit unions passed in the state Senate by a 30-0 vote.
The bill expands the CUAC from five members to seven. It designates that no fewer than four seats can be held by representatives of state-chartered credit unions, and no fewer than two seats can be held by representatives of federally chartered credit unions, said the New Jersey Credit Union League (The Daily Exchange Nov. 19).
The CUAC was established through legislation enacted in 1984 as a vehicle for state-chartered credit unions to advise state government on credit union-related matters. Members are nominated by the governor and must be confirmed by the state Senate.
In 2012, New Jersey credit unions worked for an amendment that preserved the CUAC and scrapped a plan to replace it with a Consumer Finance Advisory Board, where only two of nine seats would be held by credit union representatives.
This newest CUAC bill, passed Monday, recognizes that federally chartered credit unions, though primarily regulated by the federal government, are also subject to numerous state laws and regulations and should have a voice as well.
The bill has been sent to the New Jersey State Assembly for consideration there. If approved, the final step would be for Gov. Chris Christie to sign the bill into law.
John C. Gibardi currently is chairman of the council. Gibardi is a New Jersey state-chartered credit union member and president/CEO of Entertainment Industries FCU, which is based in New York City and has offices in Elizabeth, N.J., and Lyndhurst, N.J. He is serving a one-year term as chair.