New Jersey Outlaws Cashless Businesses

PYMNTS

New Jersey has passed a law banning cashless stores and restaurants, according to reports. New Jersey is the second state to outlaw cashless stores after Massachusetts, which signed a similar bill into law back in 1978.

New Jersey Getting Closer To Legalizing Recreational Marijuana

PYMNTS

New Jersey Governor Philip D. According to a report in The New York Times , if the agreement wins enough support in the state legislature, New Jersey could be next to enable legal use of pot.

New Jersey Shows The Good And Bad Of Gambling Payments Progress

PYMNTS

Among recent developments is the addition of PayPal to the sportsbook operated by DraftKings in New Jersey. Payment processing has been among the chief dampeners of performance in New Jersey’s regulated online gambling market,” observed Legal Sports Report.

An $80 million bank M&A deal in New Jersey

BankThink

OceanFirst Financial's acquisition of Capital Bank of New Jersey would strengthen its presence in the southern part of the state and Philadelphia. Integrations Community banking M&A New Jersey

New Jersey files lawsuit against two buy-here pay-here used car dealers

CFPB Monitor

On March 7, New Jersey Attorney General Gurbir S. The complaint alleges that these practices violated the New Jersey Consumer Fraud Act, the New Jersey Motor Vehicle Advertising Regulations, the Automotive Sales Regulations, and the state Used Car Lemon law and regulations. Auto Finance State CFS Monitor auto dealers new jersey attorney general new jersey consumer fraud act

A state-owned bank in New Jersey?

BankThink

Community banking Regional banks Deposits Munis New JerseyAn ex-banker running for governor has proposed the idea. It's a political perennial, but industry officials are nonetheless raising concerns.

Bancorp New Jersey bounces director after loan default

BankThink

Community banking New JerseyThe company sued the former director over the debt, which disqualified him from board service.

Boxed And Costco Have Their Roots In A 1970s New Jersey A&P Store

PYMNTS

A&P named its concept Warehouse Economy Outlet — or “Where Economy Originates” — and opened its first location in Pennsauken, New Jersey, in 1971. In another commercial , a spokesperson proclaimed, “It’s a brand-new concept: You shop at a modern supermarket with wild warehouse prices,” as the slogan “wild warehouse prices” flashed across the screen. If Amazon does end up acquiring Boxed, perhaps the new Costco card will be an Amazon Prime membership.

Peapack-Gladstone's leap of faith in investment banking

BankThink

The New Jersey bank is entering a business dominated by larger players. Wealth management Investment banking Growth strategies New JerseyIn doing so, it could create a blueprint for other small banks.

An online-only bank's bold plan for small-business lending

BankThink

Small business lending Growth strategies Fintech Community banking SBA Indiana New JerseyFirst Internet is poised to acquire an SBA lending team to help it meet an ambitious loan target for the year — a target the CEO plans on doubling in coming years.

Taxi Medallion Loans Stress Two New Jersey Credit Unions

Keith Leggett's Credit Union Watch

Taxi medallion loans continue to stress the performance of two New Jersey credit unions in the first quarter of 2017. First Jersey Credit Union The increase in provisions for loan and lease losses caused First Jersey Credit Union (Wayne, NJ) to go from a profit of 82,404 in the first quarter of 2016 to a loss of $847, 040 at the end of the first quarter of 2017. First Jersey Credit Union reported a year-over-year reduction in its net worth due to large losses.

New Jersey Community Exits Consent Orders, Swaps Out Directors

American Banker

New Jersey Community Bank in Freehold has exited a pair of regulatory orders. The $102 million-asset bank also said in a press release Tuesday that two siblings have resigned from its board. breaking_news people corporate-governance fdic community-banking

Bancorp of New Jersey Hires Former State Regulator as Chief

American Banker

Bancorp of New Jersey in Fort Lee has hired a former state regulator as its new chief executive. womenin-banking people succession-planning nj recruitment community-banking

Accept cash, credit card or mobile payment? Government wants a say

BankThink

Digital payments Contactless payments Credit cards Mobile payments Pennsylvania New Jersey CaliforniaState and local officials have pushed back against retailers that don’t take cash, and now some are pressuring electric vehicle firms to expand payment options at charging stations.

Bancorp of New Jersey's Chief Executive Resigns

American Banker

Michael Lesler resigned as CEO and president of the $803 million-asset company, it said Thursday. breaking_news people recruitment nj community-banking

United Roosevelt to Buy Wawel Financial in New Jersey

American Banker

United Roosevelt Savings Bank in Carteret, N.J., has agreed to buy Wawel Financial Services in Garfield, N.J. breaking_news dealmaking-strategy m-a nj community-banking

Columbia Financial to buy philanthropy-focused bank in N.J.

BankThink

Community banking M&A Growth strategies New JerseyColumbia plans to incorporate certain aspects of Stewardship Financial's charitable giving into its own foundation.

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Two More New Jersey CUs See Their 2017 Financial Performance Sink Due to Taxi Medallion Loans

Keith Leggett's Credit Union Watch

The financial fortunes of two New Jersey credit unions have been adversely impacted by taxi medallion loans. Aspire Federal Credit Union (Clark, NJ) Aspire Federal Credit Union posted a loss of $6.1 million for 2017, after losing $1.6 million in 2016. The $158 million credit union reported outstanding commercial loans not secured by real estate of $12.6 million. Presumably most of these loans were taxi medallion loans.

OceanFirst delays annual report after discovering IT-related weakness

BankThink

The New Jersey company said the issue, tied to insufficient validation procedures, did not lead to misstated financial results. Community banking Infrastructure New Jersey

ConnectOne makes bold digital play with deal for online loan exchange

BankThink

The New Jersey company agreed to buy BoeFly, which connects franchisors, small businesses, lenders and loan brokers. Community banking M&A Marketplace lending Digital banking Small business lending New Jersey New York

Former bank chairman charged with loan fraud

BankThink

Fred Daibes and an associate allegedly conspired to fraudulently obtain loans from Mariner's Bank, a New Jersey institution he helped found. Fraud losses Community banking Corporate governance New Jersey

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Accept cash, credit card or mobile payment? Government wants a say

Payments Source

Digital payments Contactless payments Credit cards Mobile payments Pennsylvania New Jersey CaliforniaState and local officials have pushed back against retailers that don’t take cash, and now some are pressuring electric vehicle firms to expand payment options at charging stations.

Why one lawmaker seeks a federal ban on cashless businesses

Payments Source

New JerseyDonald Payne, D-N.J., recently introduced the Payment Choice Act in the U.S. House of Representatives to prohibit retail businesses from refusing cash for payments. Compliance Cash Retailers U.S.

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Morning Scan: Wells Settles; Silicon Valley Seeks Gold in New Jersey

American Banker

Receiving Wide Coverage. Another hit: Wells Fargo has agreed to pay $50 million to settle a class-action lawsuit in which it was accused of overcharging homeowners for appraisals ordered after the borrowers defaulted on their mortgages. The plaintiffs allege they were charged $95 to $120 for a service that cost the bank $50 or less. Under the proposed settlement, Wells will mail checks, averaging $120 each, to more than 250,000 customers whose home loans were… morning-scan national-regiona

The states at the forefront of consumer privacy legislation

BankThink

Personally identifiable information Data security Data privacy Data sharing Marco Rubio Facebook Equifax California New JerseyCalifornia and others have passed consumer privacy laws, and lawmakers in Congress are beginning to address the issue.

Investors Bancorp freed from BSA-related regulatory order

BankThink

The New Jersey company terminated an acquisition after being hit with the order in 2016. Community banking M&A AML FDIC New Jersey

Valley National to cut 60 corporate jobs

BankThink

The New Jersey bank said it will save millions of dollars by eliminating the jobs as well as selling and leasing back some of its real estate. Community banking C-suite Commercial banking New Jersey

Morning Scan: Wells Settles; Silicon Valley Seeks Gold in New Jersey

BankThink

Receiving Wide Coverage. Another hit: Wells Fargo has agreed to pay $50 million to settle a class-action lawsuit in which it was accused of overcharging homeowners for appraisals ordered after the borrowers defaulted on their mortgages. The plaintiffs allege they were charged $95 to $120 for a service that cost the bank $50 or less. Under the proposed settlement, Wells will mail checks, averaging $120 each, to more than 250,000 customers whose home loans were. national-regional

Amboy's chairman and CEO dies unexpectedly

BankThink

George Scharpf had been the New Jersey bank's leader since 1981. C-suite Career planning Succession planning Community banking New Jersey

Smart Cities Projects Testing IoT Technology To Fix Traffic, Transit Woes

PYMNTS

Singapore, Tokyo, New York, London and Shanghai are leading cities in spending this year. Among the major smart city deployments, both New York and London are participating in a major rollout of connected sidewalk kiosks, which will replace existing phone booths and offer residents free Wi-Fi access, device charging and tablets with maps and city information. New Jersey Transit , the third largest transit system in the U.S.,

Bethpage FCU Buys Branch, Assets, and Liabilities from City National Bank of New Jersey

Keith Leggett's Credit Union Watch

based City National Bank of New Jersey is selling assets and liabilities of its Roosevelt, N.Y., Newark, N.J.-based branch to $5.7 billion Bethpage Federal Credit Union. According to the FDIC, the branch in question had $15.3 million in deposits as of June 30, 2013. City National Bank on September 4 filed an application seeking approval for the proposed sale, which is expected to close by December. Read the story in the American Banker. Bank-Credit Union Transaction Branch Sales

First Bank in N.J. to buy bank based just miles away

BankThink

Community banking M&A Strategic buyers New JerseyFirst Bank is removing a competitor by agreeing to acquire Grand Bank for $19 million.

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Supreme Court Reverses State Ban On Sports Betting

PYMNTS

New Jersey was the ringleader of the effort, though it did enlist support from 17 other states and three additional state governors. “I am thrilled to see the Supreme Court finally side with New Jersey and strike down the arbitrary ban on sports betting imposed by Congress decades ago,” New Jersey Governor Phil Murphy said Monday. Regulation gambling law new jersey News regulation SCOTUS Sports betting sports gambling supreme court

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Is the public banking movement losing steam?

BankThink

Efforts to create city- or state-owned banks in Los Angeles, Seattle and New Jersey have suffered setbacks of late, but public banking advocates are taking the long view. Community banking Commercial lending Law and regulation Marijuana banking New Jersey

N.J. bank raises $16M to expand in adjacent markets

BankThink

Community banking Branch network Capital Growth strategies New JerseyOrange County Bancorp has identified two neighboring counties for expansion.

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Richard Urfer, capital markets trailblazer at three big banks, dies at 82

BankThink

Obituaries Financial regulations Capital markets Banking Wisconsin New JerseyUrfer co-founded a business with the banking automation pioneer John Diebold, worked for Chase Manhattan and other major banks, and played an important role in the Nixon administration, phasing out exchange controls.

M&A on back burner as Valley chief focuses on fintech partnerships

BankThink

Its new leader has taken a markedly different approach. Community banking C-suite Workplace culture Fintech M&A New JerseyValley Bank spent millions on bank acquisitions under its previous CEO.

Managers at Investors Bancorp hit the streets to pull in deposits

BankThink

Deposits Community banks M&A Growth strategies New Jersey"You can't meet customers at the headquarters," CEO Kevin Cummings tells his senior executives.

N.J., Michigan lawmakers introduce bills to create state-owned banks

BankThink

Community banking Deposits New Jersey MichiganBoth proposals aim to establish institutions that would be modeled after Bank of North Dakota, the nation's only public bank.

Beneficial divesting five N.J. branches as part of its sale to WSFS

BankThink

Community banking Strategic buyers Branch network Branch banking Branch deals New JerseyBank of Princeton will also buy $190 million in deposits as part of the deal.

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Provident Financial to buy New York wealth management firm

BankThink

Community banking M&A Wealth management New Jersey New YorkProvident's investment adviser unit will have nearly $3 billion in assets under management after it buys Tirschwell & Loewy.

Peapack-Gladstone to buy fourth wealth management firm in two years

BankThink

Peapack-Gladstone has agreed to buy Lassus Wherley & Associates, which has offices in New Jersey and Florida. Community banking M&A Wealth management New Jersey

Artifact: New Jersey Credit Union League "Little Man" Glass

Credit Union History

After a bit of browsing, she stumbled upon a New Jersey Credit Union League glass that some crafty person had turned into a scented candle. artifact glass little man new jersey