TRENTON, N.J. (1/23/14)--On the same day he took the oath of office for his second term, Gov. Chris Christie signed New Jersey Credit Union League-supported legislation to expand the state's Credit Union Advisory Council (CUAC) to seven members and provide for representation of federally chartered credit unions.
|From left, Chris Abeel, New Jersey Credit Union League director of government affairs; contract lobbyist Carol Katz; and Greg Michlig, NJCUL president/CEO, joined lawmakers and other dignitaries who braved the frigid, snowy weather Tuesday to attend the invitation-only swearing-in of Gov. Chris Christie to his second term. (Photo provided by New Jersey Credit Union League)|
Christie signed the bill before the noon deadline, preventing it from a pocket veto.
The bill expands the CUAC from five members to seven and designates that not less than four seats can be held by representatives of state-chartered credit unions and not less than two seats can be held by representatives of federally chartered credit unions (Daily Exchange Jan. 22).
The legislation 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 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.