New Jersey Administrative Code › Title 3 - BANKING › Chapter 21 - CREDIT UNIONS › Subchapter 2 - CREDIT UNION PARITY › Section 3:21-2.1 - Credit union parity with Federally chartered credit unions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In addition
				to other authority granted by law and unless contrary to State law, a credit
				union may exercise any power, right, benefit, or privilege that is now, or
				hereafter, authorized for Federal credit unions to the same extent as Federal
				credit unions pursuant to Federal law or rules and regulations of the National
				Credit Union Administration. A credit union, in exercising those powers,
				rights, benefits, or privileges shall do so in accordance with the terms,
				conditions, and requirements established for Federal credit unions. Such
				powers, rights, benefits, or privileges shall be automatically exercisable upon
				the expiration of 30 days from the date of adoption of the enabling regulation
				by the Federal regulatory agency, except if the Commissioner of Banking and
				Insurance, within that time, provides notice that the power, right, benefit, or
				privilege shall not be granted to New Jersey credit unions. Such notice shall
				be posted on the Department's website at
www.njdobi.org
. The pertinent information included
				in such a notice shall also be provided to each credit union, and to the
				CrossState Credit Union Association. The Commissioner of Banking and Insurance
				may permit credit unions to begin the exercise of a power, right, benefit, or
				privilege prior to the expiration of the 30-day period by providing notice of
				permission through posting the notice on the Department's website at
www.njdobi.org
. The pertinent information
				included in such a notice shall also be provided to each credit union, and the
				CrossState Credit Union Association.
(b) "Power, right, benefit or privilege"
				shall not mean any activity that would fail to comply with or would violate:
1. The New Jersey Code of Criminal Justice,
				2C:1-1 et seq., including, but not
				limited to, the criminal usury limits established at
				2C:21-19 as applied to loan
				products;
2. New Jersey statutes
				and rules providing for the structure and corporate governance of credit
				unions, including, but not limited to, statutes and rules governing amendments
				of certificates of incorporation, adoptions of bylaws, rights of members,
				membership of boards of directors, applications where there is a supervisory
				concern, and requests for approvals or no objection opinions where there is a
				supervisory concern;
3. New Jersey
				statutes and rules providing the Department with supervisory powers over credit
				unions with regard to safety and soundness and other matters, including, but
				not limited to, the power to issue orders and apply for relief from a court of
				competent jurisdiction established at
				17:13-115 et seq., and the power
				to require reports and examination by the Department pursuant to
				17:13-112 et seq. and similar
				law;
4. The provisions of
				17:16N-1 et seq. and any rules
				regarding Consumer Checking Accounts; and
5. The New Jersey Home Ownership Security Act
				of 2002, 46:10B-22 et seq.