Bill To Encourage Banks To Locate In Underserved Areas Closer To Law

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TRENTON – Legislation to encourage banking institutions to open branches in underserved communities was approved recently by the Assembly.

This measure (A-1458) would create a Banking Development District Program within the state Department of Banking and Insurance to help licensed financial institutions locate new branches in underserved communities.

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To encourage banks to take part in the program, the bill would allow the state Treasurer to deposit public funds in a participating financial institution.  The governing body of a municipality in which a banking development district has been created also would have the option of using the bank as a depository.

The legislation mirrors a similar program in New York state.

The bill was approved 75-3 and now goes to the Senate for more consideration.


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