A credit union is a member-owned financial institution organized to encourage savings and to provide loans with competitively low interest rates to members. In New Jersey, as elsewhere, credit unions have evolved into sophisticated financial institutions offering members a variety of services.
New Jersey has detailed and complex requirements for the formation of credit unions (NJ Rev. Stat. Sec. 17:13-26). Because of the complexity of these laws, an organization seeking to set up a credit union needs expert assistance. It is often easier to join an existing credit union rather than to start a new one.
Advice and assistance are available from:
New Jersey Department of Banking and Insurance
Division of Banking
20 West State Street
P.O. Box 040
Trenton, NJ 08625-0040
Credit Union Affiliates of New Jersey
P.O. Box 298
Hightstown, NJ 08520