Bill > HF2982

This bill provides $500,000 in funding for each of fiscal years 2026 and 2027 from the state's general fund to the commissioner of employment and economic development, to be granted to a nonprofit for creating a new credit union. The credit union must be federally or state-chartered and specifically designed to serve low-income individuals who have limited experience with traditional banking services. The credit union is required to provide deposit, investment, and loan services that are both responsible and culturally appropriate, and must maintain at least one physical location where members can access these services. The bill mandates that by February 15, 2028, the commissioner must submit a report to legislative committee chairs detailing the grant activities and quantifiable outcomes. This is a onetime appropriation aimed at improving financial access and services for underserved communities by supporting the establishment of a specialized credit union.

Labor and Employment

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF2982&ssn=0&y=2025