Department of Banking and Insurance Acting Commissioner Ken Kobylowski visited a Financial Literacy program at Wilson Elementary School in Trenton on May 29 and Banking Division Assistant Director for Consumer Finance Patrick Mullen visited a program at Park Elementary School in Newark on June 6.  At both events, Bank of America employees volunteered to teach students in the program. Acting Commissioner Kobylowski and Mullen commended the volunteers for donating their time. At Wilson Elementary School about 54 volunteers conducted a program for about 400 students and at Park Elementary School about 23 volunteers conducted a program for about 284 students. Both events were done in partnership with Junior Achievement of New Jersey.

Throughout the year representatives from DOBI visit schools to discuss topics such as: saving, budgeting, borrowing and using credit cards. The Department in conjunction with volunteers from the financial community has conducted Financial Literacy programs in schools across the state for the past six years. This year, Department staff visited schools in Bayonne, Brick Township, Highland Park, Marlboro Township, Newark, Perth Amboy, and Toms River.

MARLBORO – Department of Banking and Insurance Acting Commissioner Ken Kobylowski recently spoke to Marlboro High School juniors and seniors about such things as careful usage of social media, saving and budgeting and prudent credit card spending as part of the Department's Financial Literacy program. The Acting Commissioner told students to save by paying themselves first every month and to leave room in their budget for the unexpected. More...

Pictured above (from left): Acting Commissioner Ken Kobylowski addresses students at Marlboro High School; Principal Shaun Boylon, senior Matthew Herling, Acting Commissioner Kobylowski, Freehold Regional High School District Superintendent Charles Sampson and Social Studies Supervisor Shanna Howell.

PERTH AMBOY – New Jersey Department of Banking and Insurance (DOBI) Acting Commissioner Ken Kobylowski told a group of Perth Amboy High School students that learning about such things as saving money, understanding how credit cards work, and obtaining and maintaining credit is every bit as important as the lessons they are learning in their classrooms. More...

Speaking at Perth Amboy High School, Acting Commissioner Ken Kobylowski (above) emphasized the importance of financial literacy and money management.

SHREWSBURY – Department of Banking and Insurance Acting Commissioner Ken Kobylowski recently read Dr. Seuss’ “I Can Read With My Eyes Shut” and “Great Day For Up!” to the second grade class at Shrewsbury Borough School as part of Read Across America Day.

Read Across America, started in 1998, is a nationwide reading celebration that schools hold annually on or near March 2, the birthday of Theodor Geisel, better known as Dr. Seuss. 

Across the country, teachers and community leaders engage in a wide variety of activities to emphasize the importance of reading to young students. Read Across America is also sponsored and spearheaded by support from more than 50 national nonprofit and association partners. More...

SEWELL – Patrick Mullen, the Assistant Division Director for DOBI’s Office of Consumer Finance, spoke with Washington Township High School students involved in the Junior Achievement of New Jersey (JANJ) High School Heroes program February 24 at Wedgewood Elementary School. JANJ High School Heroes’ program gives high school students the opportunity to volunteer at a local elementary school in New Jersey and educate younger students about the importance of financial literacy.

The Department of Banking and Insurance visits schools throughout the year to teach students about how to manage money, how to save and how to maintain good credit.

The New Jersey Department of Banking and Insurance stressed the importance of financial literacy and dispensed advice on money management during a presentation February 23 at Highland Park High School. DOBI’s Patrick J. Mullen, Assistant Division Director of the Office of Consumer Finance, spoke to students about how to establish and preserve good credit, set up a budget, open checking and savings accounts and guard against identity theft.

Members of Provident Bank were also on hand at the event, supporting the financial literacy initiative and answering questions from students.

Since 2006, DOBI and its partners have reached thousands of public high school students from all 21 counties with these programs. More...

Commissioner Tom Considine gave a financial literacy presentation to a group of 150 seniors at Marist High School on Thursday, February 2. The Commissioner provided tips and advice about budgeting, saving and
financial planning. He spoke about the importance of achieving and maintaining a high credit score and how to avoid scams. He took questions from students about a variety of topics, including college loans and the use of credit cards. Following the presentation Considine toured the Bayonne high school, his alma mater, along with the principal and president of the school. More...


At right, Commissioner Tom Considine speaks at his alma mater, Marist High School in Bayonne.

CHERRY HILL – Lieutenant Governor Kim Guadagno and New Jersey Department of Banking and Insurance (DOBI) Commissioner Tom Considine recently welcomed Farmers Insurance Group to New Jersey. Guadagno and Considine visited Farmers' AgencyPoint®, a 28,000 square foot facility in Cherry Hill, where the property and casualty insurer is hiring and training agents. Citing the Christie Administration’s pro-business policies as a primary motivating factor, Farmers executives told Guadagno that the insurer has decided to expand into New Jersey. Between the two AgencyPoint® facilities located in New Jersey, where Farmers now employs approximately 50, the company plans to recruit and train about 150-200 agents annually for the next four or five years. More...

As part of the State’s Annual Holiday Coat and Toy Drives for individuals and families in need, Department of Banking and Insurance employees donated 65 coats and more than 35 toys to the non-profit agency Homeless to Independence of Union Beach this Holiday season.

Above left, Commissioner Tom Considine poses with Matawan Aberdeen Regional Superintendent of Schools David Healy (left) and Matawan Aberdeen Regional School District Board of Education President Charles Kenny (right) at a question and answer session with students following his financial literacy presentation.

From left to right: Matawan Aberdeen Regional Superintendent of Schools David Healy, Matawan Regional High School Principal Michele Ruscavage, Commissioner Tom Considine, Business Academy student Matt Boyne, and Matawan Aberdeen Regional School District Board of Education President Charles Kenny pose in the school’s media center. Commissioner Considine met with students from the Matawan Regional High School Business Academy following his financial literacy presentation. He answered questions and spoke with students one-on-one.

Commissioner Tom Considine gave the keynote address at the New Jersey Bankers Association Legislative Day on June 20. The fourth annual event was held at the Trenton Marriott.

The Commissioner provided the audience of CEOs and bank management staff with an update about the economic landscape in New Jersey. He also discussed the ongoing and potential effects of the Dodd-Frank Wall Street Reform and Consumer Protection Act on community banks. 

Other scheduled speakers included Senate President Stephen Sweeney, Senator Gerald Cardinale and the Treasurer’s Office chief economist Charles Steindel.

To help celebrate Read Across America Day Commissioner Considine visited and read to a third grade class at H.W. Mountz School in Spring Lake on March 2. 

He read “The Great Kapok Tree” by Lynne Cherry, which tied into the next unit of study for the class.

Following his visit the Commissioner received beautiful letters from the students thanking him for his participation.

Read Across America is a reading motivation and awareness program that is held every March 2 in honor of Dr. Seuss’s birthday. The program, which began in 1998, was created by the National Education Association.

Representatives from the Department of Banking and Insurance explained the latest Governmental Unit Deposit Protection Act (GUDPA) rules at a training event in Monroe Township.

The Department’s new rules to implement amendments to GUDPA, which establishes collateral requirements for financial institutions that accept deposits of local government funds, took effect on Nov. 1.

In addition to setting fees and establishing time lines for the submission of reports, the rules also establish collateral obligations for public depositories holding uninsured public funds. The amount of collateral is determined by the amount of uninsured public deposits held, the percentage of such funds held in branches in New Jersey, and the capital category of the depository. 

The New GUDPA Rules Seminar, done in coordination with the NJ Bankers, included a Power Point presentation as well as a question and answer session, both of which were run by Chief Examiner Richard Poliner and Managing Examiner John Nolan.

Qualifications of entities under GUDPA, collateral coverage, online filing, and annual fees were some of the topics covered during the presentation. DOBI also provided background on why GUDPA was established, reasons for the recent changes and the reporting processes.

Commissioner Tom Considine and key members of the Department of Banking and Insurance met with and updated members of the mortgage bankers industry at “A Day with DOBI” Jan. 18, 2011.

The National Mortgage Licensing System (NMLS), Surety Bond Waivers, the New Jersey Continuing Education Requirements, use of credit report information in approving licenses, annual reports and call reports and other current issues regarding licensing and renewals were among the topics discussed.

Commissioner Considine kicked off the event with opening remarks.

“Transitioning to the new requirements of the NMLS was a difficult process, but with good communication and cooperation between the Department and licensees we were able to changeover to the new federal regulations,” Considine said.

The event was sponsored by the Mortgage Bankers Association of New Jersey (MBA-NJ) and the New Jersey Association of Mortgage Brokers (NJAMB) and was held at the Woodbridge Hilton.

“A Day with DOBI” was emceed by E. Robert Levy, Esq., Executive Director and Counsel of MBA-NJ/NJAMB.  

Other speakers included: Division of Banking Director Garret Komjathy, Assistant Banking Division Director Thomas M. Hunt, Esq., Administrator of the Licensing Services Bureau Susan M. Toth, and Supervisor of Banking Licensing Diane W. Scholl, FMLI.

DOBI representatives also fielded inquiries from the audience during a question and answer session.