New Jersey Administrative Code
Title 3 - BANKING
Chapter 34 - GOVERNMENTAL UNIT DEPOSIT PROTECTION
Subchapter 1 - GOVERNMENTAL UNIT DEPOSIT PROTECTION
Section 3:34-1.16 - Financial education program supported by credit union public depositories

Universal Citation: NJ Admin Code 3:34-1.16

Current through Register Vol. 56, No. 18, September 16, 2024

(a) If the average daily balance of the public funds on deposit at the credit union for the preceding year is in excess of $ 2,000,000, the chief financial officer, or the senior official in the credit union with responsibility for performing the functions of a chief financial officer, of a credit union that qualifies as a public depository shall transmit to the Department with each fourth calendar quarter GUDPA report a written certification, in a form specified by the Commissioner and posted on the Department's website, that the credit union has forwarded to the nonprofit corporation designated by the Department of Education in accordance with 17:9-43.2 a sum equal to the average daily balance, multiplied by the appropriate factor, as determined in accordance with the following schedule:

1. An average daily balance in excess of $ 2 million but less than $ 25 million: multiply by a factor of .0005;

2. An average daily balance of $ 25 million or over but less than $ 50 million: multiply by a factor of .00075;

3. An average daily balance of $ 50 million or over: multiply by a factor of .0010. However, in no event, shall a credit union be required to forward a sum in excess of $ 100,000 in any one year.

(b) The certification shall contain proof of payment to the designated nonprofit corporation in the form of a copy of a cancelled check or other payment instrument or evidence of a successful wire transfer.

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