NJCUL CEO David Frankil Discusses CUs’ Appeal to Millennials and Concern with Dodd-Frank in NJ BIZ

HIGHTSTOWN, N.J. – “The more millennials start to look at the structure of their banking relationships, the better credit unions have become,” says New Jersey Credit Union League President/CEO David Frankil in a recent article in NJ BIZ. “It’s a natural progression to what you’re seeing in lots of other industries. They are looking for products and solutions that represent values that match theirs. Credit unions are a great fit for that.”

The article, titled “Banking on change: This much is certain — A new administration will have new priorities. But what will they be?”, features a number of industry leaders speculating on changes coming down the pike in the wake of the presidential election.

Some industry leaders are expecting some major regulatory structures—such as the Dodd-Frank Wall Street Reform and Consumer Protection Act, passed in the wake of the financial crisis—could be trimmed around the edges, a change that would also be welcomed by credit unions. “One of the things that has always rankled us about the Dodd-Frank debate is that credit unions were not even remotely a part of the crash,” Frankil said. “Yet we ended up getting lumped in together under the general rubric of financial services when it came to the regulatory framework.

“We ought to be treated a little bit differently because the whole ethos of a credit union is fundamentally different, and we don’t engage in those types of activities — and I’m hoping the new administration is going to be receptive to that concept.”

Despite the uncertainty surrounding the new administration and the regulatory crunch, credit unions have the opportunity to gain ground with millennials, who have been attracted to the mantra of people helping people that these member-owned financial cooperatives follow, says Frankil.

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