New Jersey Credit Union League Deploys Virtual StrongBox in its Shared Compliance Initiative

Platform’s Security and RegTech Capabilities Transform Audit and Compliance Processes

CHARLOTTE, N.C. & HIGHTSTOWN, N.J. – Virtual StrongBox, Inc. and the New Jersey Credit Union League (NJCUL) have teamed up to improve compliance processes and cut costs for League-affiliated credit unions and auditors. NJCUL will use Virtual StrongBox’s secure customer engagement platform with the League’s Shared Compliance Program, HelpLine, and Audit Services clients. The secure platform will ensure that sensitive information remains safe while engaging in the exchange of private and financial information with a compliance specialist.

NJCUL President/CEO David Frankil Expresses Concern with NCUA’s Proposed TCCUSF Refund Plan in Comment Letter

HIGHTSTOWN, N.J. – In a comment letter sent to the agency Tuesday, NJCUL President/CEO David Frankil expressed concern with portions of the NCUA’s proposed plan to close the Temporary Corporate Credit Union Stabilization Fund (TCCUSF). The most significant issue is the proposed increase in the equity ratio of the National Credit Union Share Insurance Fund (NCUSIF) Normal Operating Level (NOL) from 1.30 percent of insured shares to 1.39 percent of insured shares, with planned Equity Distributions. Though the League agrees that the NCUA has the authority to close the TCCUSF and supports this action, there is concern over NCUA’s plan to markedly increase the NOL, which will divert millions of dollars that rightfully should be returned to credit unions and their members.

League Launching ‘Weekly Advocacy Roundup’

HIGHTSTOWN, N.J. – This week, NJCUL is launching a “Weekly Advocacy Roundup” communication that highlights the week’s top issues on two fronts: the legislative and political front and the compliance and regulatory front. The communication includes a message from NJCUL President/CEO David Frankil that “frames” the top issues for our credit unions and spotlights the advocacy efforts of the League, CUNA, and credit unions.

$89,000 State Training Grant Approved to Provide NJCUL Members No-Cost Training in Partnership with Rutgers University

HIGHTSTOWN, N.J. –The New Jersey Credit Union League (NJCUL) today announced a new benefit for member credit unions—professional development training through a partnership with Rutgers University, underwritten by an $89,000 educational grant from the State of New Jersey. It will provide grant-funded training for more than 250 credit union employees.