Bill
HF 2982
The bill funds a nonprofit to create a new Minnesota credit union and requires reporting on the project's progress.
HF 2982 proposes to provide state funding to support the creation of a nonprofit entity that would establish a new credit union. The bill includes a requirement for reporting and designates money appropriations to enable the project. The overall aim appears to be expanding access to financial services (specifically credit union membership) for Minnesota residents through a nonprofit-driven initiative.
Establishment of a nonprofit vehicle to create a credit union: The bill authorizes or directs funding for a nonprofit organization to develop and operate a new credit union. Specific operational and governance details would be defined in the bill or subsequent rulemaking, including how the nonprofit would be structured and supervised.
State funding/appropriation: HF 2982 includes an appropriation element, allocating state funds to support the nonprofit’s efforts in creating the credit union. The exact dollar amount, funding source, and disbursement schedule would be specified in the enacted language or fiscal note.
Reporting requirement: The bill requires the nonprofit (or the credit union project) to produce reports. These reports would likely cover progress toward establishing the credit union, financial projections, governance and compliance matters, and program outcomes.
Eligibility and scope: While details are not provided in the summary, the bill would typically define who may benefit (potential members), geographic focus (e.g., statewide, target communities), and any prerequisites for the nonprofit to proceed (licensing, regulatory approvals, collaborations with state agencies).
Regulatory and oversight aspects: Given the involvement of a nonprofit in creating a financial institution, provisions may address regulatory compliance with state banking/credit union laws, eligibility for federal insurance, and ongoing oversight by relevant state departments (e.g., Department of Commerce, or a similar financial regulatory body). The report requirement suggests an emphasis on accountability and measurable milestones.
Potential credit union members: Minnesota residents who would gain access to a new credit union, potentially expanding access to affordable financial services, savings accounts, loans, and financial education.
The nonprofit organization: As the implementing entity, the nonprofit would be responsible for developing the credit union, meeting reporting requirements, and navigating regulatory approvals.
State government and taxpayers: State funding allocation and ongoing accountability measures would involve state agencies in monitoring and reporting on the use and impact of appropriated funds.
Introduction and referral: The bill was introduced and referred on 2025-04-01 to the Joint or standing committee on Workforce, Labor, and Economic Development Finance and Policy.
Next steps (typical):
Reporting timeline: The bill requires ongoing or periodic reporting; the exact frequency (e.g., quarterly, annually) would be defined in the final bill language or by administrative rules.
Compiled from official sources — confirm details with the bill’s official record.
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