CRANFORD, N.J. — New Jersey bankers, stung that five members of the state's Congressional delegation are co-sponsors of CURIA, have been using a state business journal to fight back.
In an article headlined "Federal Credit Union Bill Raises Bankers' Hackles" appearing in NJBIZ, two banker groups warned that they are alarmed at the bill's traction in Congress.
James M. Meredith, senior vice president for one of the groups, the 80-member New Jersey League of Community Bankers, told Credit Union Times that when bills like CURIA "get introduced again and again a momentum builds" and that is troubling considering the makeup of the proposed legislation.
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Meanwhile, the CEO of the New Jersey Bankers Association, John McWeeney, charged the place for CUs in the U.S. economy is to focus on the underserved and "not making business loans and financing commercial real estate."
Meredith of NJLCB, said his group is committed to defeating CURIA as injurious to "the level playing field" and giving tax-exempt CUs major business
loan advantages
The banker comments in the NJBIZ triggered a reminder from the New Jersey Credit Union League that when bankers express concern over CU-backed bills like CURIA that is a signal that CUs need to step up their lobbying efforts.
Chris Abeel, director of government affairs for the league and who was also quoted in the business publication, said CUs will need to "redouble our efforts to build CURIA backing and thank those who have already shown their support for signing onto the bill."
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