TRENTON, N.J. (2/11/14)--Linda McFadden, president/CEO, XCEL FCU, presented an update on the state of credit union to the New Jersey Assembly Financial Institutions and Insurance Committee last week.
McFadden, who also is board chair of the New Jersey Credit Union League, briefed the committee, which is nearly double its size from the last session. Only two members carried over from previous committee, and four are completely new to the legislature (The Daily Exchange Feb. 7).
She outlined the unique structure of credit unions' not-for-profit cooperative model, giving a big picture of the state's 197 credit unions and their membership.
McFadden expressed appreciation for the expansion of the Credit Union Advisory Committee to include federally chartered credit unions, recently signed by Gov. Chris Christie.
She also talked about modernizing the charter for state credit unions, the stress of foreclosures on financial institutions and the importance of moving to electronic lien titling for auto loans.
Lastly, she reiterated that data breach legislation--that was first introduced in 2006 and has been re-introduced in successive sessions--should be acted upon in light of the Target breach.
"While Congress continues to debate a national standard which credit unions could support, we believe it's time for New Jersey to act to protect consumers by enacting A-1239," she said.