<p>TRENTON, N.J. – Credit Union Affiliates of New Jersey recently joined state legislators, religious and civic leaders, and grassroots organizations at a rally at the State House in support of new state predatory lending legislation. The rally was held to highlight the abusive lending practices that have taken place throughout the state. State Assemblymen Matt Ahearn and Jeff Van Drew introduced legislation that prohibits and restricts abusive mortgage lending practices. The measure prohibits practices such as flipping, financing debt cancellation agreements, default recommendations, negative amortization, and certain balloon payments. It also provides for liability for all parties involved in making and the maintenance of high-cost home loans. State Senators Barbara Buono and Leonard Lance have introduced a similar bill known as the Home Loan Protection Act. Speaking at the rally, CUANJ Vice President of Association Services Christopher Kennedy said the credit union movement in New Jersey has increased its efforts to provide financial services to persons often targeted by predatory lenders. He told reporters that it is the obligation of the credit union movement “to reach out to the members of the community who are being gouged by unscrupulous predatory lenders.”</p>

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.