New Jersey 2022-2023 Regular Session

New Jersey Assembly Bill A989

Introduced
1/11/22  

Caption

Establishes position of Minority Depository Institution Coordinator in EDA.

Impact

If enacted, A989 would facilitate greater representation of minority depositors and drive economic growth by enabling minority institutions to contribute meaningfully to the state's financial ecosystem. The bill highlights efforts to address historical disparities typically encountered by minority communities in accessing financial services, potentially enhancing economic opportunities through increased engagement with the EDA's initiatives.

Summary

Bill A989 introduces the position of Minority Depository Institution Coordinator within the New Jersey Economic Development Authority (EDA). This role aims to enhance minority participation in EDA programs by identifying and addressing administrative barriers faced by minority depository institutions in New Jersey. The legislative intent is to promote inclusivity within the financial services landscape, ensuring that minority-owned institutions can effectively access available support from the EDA, including loan and bonding programs.

Contention

Some discussions may arise concerning the effectiveness and the appropriate measures to be undertaken by the newly established Minority Depository Institution Coordinator. There might be concerns regarding the qualification processes and potential bureaucratic processes that could inadvertently discourage participation rather than encourage it. Engaging with stakeholders who represent minority depository institutions is crucial to ensure that the objectives of the bill align with community needs and expectations.

Companion Bills

No companion bills found.

Previously Filed As

NJ A840

Establishes position of Minority Depository Institution Coordinator in EDA.

NJ A982

"Innovate New Jersey Act"; establishes tax-free business incubators at institutions of higher education.

NJ A2101

"Innovate New Jersey Act"; establishes tax-free business incubators at institutions of higher education.

NJ S1641

"Innovate New Jersey Act"; establishes tax-free business incubators at institutions of higher education.

NJ A1835

Establishes innovation zone program to stimulate technology industry clusters around New Jersey's research institutions; allows certain technology businesses located in certain innovation zones to receive certain tax credits under Grow New Jersey Assistance Program.

NJ A1614

Establishes innovation zone program to stimulate technology industry clusters around New Jersey's research institutions; allows certain technology businesses located in certain innovation zones to receive certain tax credits under Grow New Jersey Assistance Program.

NJ A2357

Establishes Office of Financial Assistance in EDA to help eligible entities access opportunities for public financial assistance; requires office to develop common application platform.

NJ A687

Establishes Office of Economic Development Inspector General in EDA.

NJ A263

Establishes Office of Economic Development Inspector General in EDA.

NJ S1593

Establishes certain requirements for banks that serve as depositories of public funds.

Similar Bills

AZ SB1614

Financial institution; depositories

NJ A840

Establishes position of Minority Depository Institution Coordinator in EDA.

CA AB3253

Local government: financial affairs.

CA AB2618

Surplus funds: investment.

CA AB2141

Cash assistance programs: direct deposit.

RI H5564

Establishes an economic growth blockchain, regulates virtual and digital assets, and establishes depository banks for these purposes.

CA AB83

The California Elder Financial Abuse Prevention Act.

NH HB1504

Relative to special purpose depository institutions.