Creates a banking development district working group

2025 Regular Session Introduced by Khaleel Anderson

Bill A 5167 creates a working group to boost banking access in underserved areas, promoting financial inclusion and economic growth for local communities.

REPORTED REFERRED TO RULES

Purpose and Intent

Bill A 5167 aims to establish a Banking Development District Working Group. The primary goal of this working group is to enhance access to banking services in underserved areas, thereby promoting economic development and financial inclusion. The bill recognizes the importance of banking services in fostering community growth and aims to address disparities in access to these services.

Key Provisions

Establishment of the Working Group: The bill proposes the creation of a working group tasked with evaluating and recommending strategies to improve banking access in designated areas.

Composition: The working group will consist of representatives from various stakeholders, including:

State banking regulators
Community organizations
Financial institutions
Local government officials

Objectives: The working group will focus on:

Identifying areas with limited banking services
Proposing initiatives to encourage banks to establish branches in these areas
Developing partnerships between financial institutions and community organizations to promote financial literacy and access to banking services.

Who Would Be Affected

Underserved Communities: Residents in areas currently lacking adequate banking services will benefit from increased access to financial institutions.

Financial Institutions: Banks and credit unions may be encouraged to expand their services into new markets, potentially leading to new business opportunities.

Community Organizations: These groups may play a crucial role in facilitating partnerships and outreach efforts to educate residents about available banking services.

Procedural and Timeline Aspects

Introduced: The bill was introduced on February 12, 2025.

Legislative Actions:

February 12, 2025: Referred to the Banks committee.
April 30, 2025: Reported and referred to the Ways and Means committee.
May 27, 2025: Reported and referred to the Rules committee.

The bill is currently in the legislative process and has been reported to the Rules committee, indicating it is moving forward for further consideration.

Related Bills

A 9636: A prior-session bill that may have addressed similar issues.

A 6222: Another prior-session bill relevant to banking and financial services.

S 2027: A companion bill in the Senate that aligns with the objectives of A 5167.

This summary provides an overview of Bill A 5167, highlighting its purpose, key provisions, and potential impact on communities and financial institutions. The establishment of the Banking Development District Working Group represents a proactive approach to addressing banking accessibility and promoting economic growth in underserved areas.

Bill