NCUA official seal. Credit/NCUA
The NCUA announced Monday that it had granted a federal charter and Share Insurance Fund coverage to the New Jersey State PBA Federal Credit Union – the first such charter of 2024.
According to the NCUA, the Woodbridge, N.J.-based credit union is sponsored by the New Jersey State Policemen's Benevolent Association, which is "a self-funded, member-benefit organization that provides legal protection to active members in good standing. The association has 407 chapters and approximately 50,000 members."
NCUA Chairman Todd Harper said, "Law enforcement professionals have distinct financial needs, and the New Jersey State PBA Federal Credit Union will develop affordable products and services tailored to meet them. In this way, the New Jersey State PBA Federal Credit Union will play a unique role in strengthening its community and supporting those who protect and serve."
According to the NCUA, the credit union will primarily serve the association's employees and members and will provide deposit-related products and services as well as consumer loans tailored to its demographic's unique needs. The credit union will initially focus on the following products and services:
- Share accounts
- Share draft accounts
- Share certificate accounts
- Individual retirement accounts
- Equipment loans
- Vehicle loans
- Personal loans
The charter for New Jersey State PBA Federal Credit Union became effective on Feb. 23 and will begin operations later this year.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
