Credit Union Difference Highlighted in New Jersey Business Magazine

This month’s New Jersey Business Magazine, published by the New Jersey Business & Industry Association, included an article on credit unions – “Looking for a New Financial Institution? Consider a Credit Union.”

In the article, NJCUL President & CEO David Frankil highlighted the differences between banks and credit unions: “… our structure is a cooperative. We don’t have shareholders – our owners are our members.  Our Boards don’t get paid, and are volunteers elected by their fellow member owners.”

Also quoted extensively in the article was Arlene Bernard, President & CEO of NJCUL Member XCEL FCU, who noted that ‘… the difference is that since a credit union is a non-profit entity, it can use what is normally considered “profit” and use it to help it members, providing lower rates on loan products, better rates on savings products as well as lower fees.”

Frankil also noted that credit unions offer similar benefits for businesses looking for loans too, via the League’s njBizLoan.com collaborative, which has seen more than $75 million in lending opportunities through its pipeline.

NJBIA has more than 20,000 members across the State, and New Jersey Business Magazine reaches more than 110,000 readers, including executive and legislative decision makers throughout New Jersey, the Governor and his staff, the State Senate and Assembly and to a majority of government officials on the county and municipal levels.