New Jersey

REGULATING AGENCY: New Jersey Department of Banking and Insurance

New Jersey Capitol

LEAGUE: CrossState Credit Union Association

PRIVATE SHARE INSURANCE: No

STATS: (As of Q4 2021)

Total Number of Credit Unions: 144

  • TOTAL # SCUs: 7
  • TOTAL # FCUs: 137
  • SCU % OF TOTAL (SCUS #/STATE TOTAL #): 5%

Total Assets: $15,652,467,391

  • TOTAL $ SCU ASSETS: $180,640,458
  • TOTAL $ FCU ASSETS: $15,471,826,933
  • SCU % OF TOTAL ASSETS (SCUS $/STATE TOTAL $): 1%

Total Members: 962,146

  • TOTAL Members SCUs: 17,340
  • TOTAL Members FCUs: 944,806
  • SCU % OF TOTAL (SCUS/STATE TOAL): 2%

FUN FACT: The world’s first drive-in movie theater was built in this state in 1933. And the first submarine ride by inventor John P. Holland was in the Passaic river.


RECENT NEWS

New Jersey FCU That Aims to Serve Formerly Incarcerated People Is Approved for Charter Application

Courtesy of CUToday.info

Diverge

May 2022 – NCUA has extended its approval for a new charter application for Diverge, a proposed federal credit union that says its mission is to advance economic empowerment for historically marginalized and unbanked communities.

In a statement announcing the approval, organizers said, “Discrimination in financial services is a significant problem for millions of formerly incarcerated individuals, and especially impacts people of color and women. An unwelcoming financial system forces people to rely on check cashers, payday lenders and other high-cost, non-bank alternatives.”

Organizers added that the proposed Diverge FCU will address systemic discrimination by improving access to affordable products and financial education to help people build long-term financial health.

Read the entire story here.


STORY ARCHIVE:
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