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A 8665

Relates to minority depository institutions which apply to establish a home or branch office in an unbanked or underbanked community

2025 Regular Session Introduced by Clyde Vanel

Bill A 8665 supports minority depository institutions to open branches in unbanked communities, boosting access to banking services and promoting financial inclusion.

REPORTED REFERRED TO WAYS AND MEANS
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Bill Summary · A 8665

Summary of Bill A 8665

Bill Information

  • Bill Number: A 8665
  • Title: Relates to minority depository institutions which apply to establish a home or branch office in an unbanked or underbanked community
  • Status: REPORTED REFERRED TO WAYS AND MEANS
  • Introduced: May 23, 2025
  • Classification: Bill

Purpose and Intent

Bill A 8665 aims to support minority depository institutions (MDIs) in their efforts to establish banking services in unbanked or underbanked communities. The bill recognizes the critical role that MDIs play in promoting financial inclusion and seeks to facilitate their expansion into areas that lack adequate banking facilities.

Key Provisions

  • Establishment of Offices: The bill provides a framework for MDIs to apply for the establishment of home or branch offices specifically in communities identified as unbanked or underbanked.
  • Support Mechanisms: It may include provisions for financial assistance, regulatory support, or incentives to encourage MDIs to invest in these communities.
  • Community Impact Assessment: MDIs may be required to demonstrate how their presence will benefit the local community, including potential economic and social impacts.

Affected Parties

  • Minority Depository Institutions: The primary beneficiaries of this bill are MDIs, which are financial institutions that are at least 51% owned by minority individuals.
  • Unbanked and Underbanked Communities: Residents of these communities will gain access to essential banking services, which can lead to improved financial literacy, savings, and economic empowerment.
  • Local Economies: The establishment of banking services in these areas is expected to stimulate local economies by providing residents with access to credit and financial services.

Procedural Timeline

  • Introduced: The bill was introduced on May 23, 2025, and referred to the Banks Committee for initial review.
  • Legislative Actions: On May 28, 2025, the bill was reported and referred to the Ways and Means Committee for further consideration.

Related Legislation

  • A 5521 (Prior Session): This bill may be related to previous legislative efforts aimed at enhancing the role of MDIs and addressing banking access issues in underserved communities.

Conclusion

Bill A 8665 represents a significant legislative effort to enhance financial access for underserved populations through the support of minority depository institutions. By facilitating the establishment of banking services in unbanked and underbanked communities, the bill aims to promote economic growth and financial inclusion.

Compiled from official sources — confirm details with the bill’s official record.

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