Richard F. Schaub, New Jersey State Banking Commissioner, has warned the state-chartered financial institutions they must refuse offers of large deposits or loans if they are conditioned upon the absence of Jews from their board of directors or as holders of large amounts of stock.
In his letter of warning issued Friday, Schaub said, “while I have no indication that this state’s financial institutions have received such offers or that they have consummated similar schemes, it does seem appropriate to warn them that such agreements are contrary to the state’s Constitution and the law against discrimination.”
Senate Majority Leader Matthew Feldman, Democrat of Bergen County, said he requested the letter to be sent after reading newspaper accounts of such pressures allegedly being applied by wealthy investors from Arab countries.
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