NEWARK, N.J. (6/19/14)--Rep. Donald Payne, Jr. (D-N.J.) this month addressed a meeting of the northern chapter of the New Jersey Credit Union League (NJCUL).
|From left, New Jersey Credit Union League President/CEO Greg Michlig and state Rep. Donald Payne, Jr. (D-10). (New Jersey Credit Union League photo)|
The newest member of New Jersey's congressional delegation discussed issues pertinent to both credit unions and the congressional committees on which he serves (The Daily Exchange June 17).
Payne said that he is aware of data security issues facing credit unions, as a member of the House Committee on Homeland Security. He also praised credit unions' small business lending, remarking that it's relevant to his work on the House Small Business Committee.
In fact, very shortly after taking office in November 2012, Rep. Payne signed on as a cosponsor of a bill to increase the credit union member business lending cap to 27.5% of assets, up from the current limit of 12.25%. His predecessor and father, the late. Rep. Donald Payne, Sr., was recognized by the league as a staunch credit union supporter. In 2008, Payne the elder was named Credit Union Legislator of the Year by the NJCUL.
During his address to the group, Payne, Jr. acknowledged credit unions as a lifeline for consumers, especially those who may struggle with access to other mainstream financial services providers. He cited the importance of credit unions' small business lending efforts and their focus on the communities they serve.
The meeting was held at the Iberia Peninsula Restaurant in Newark, and all NJCUL member credit unions were invited to attend.