Bill > S2722

Introduced Session

This bill establishes a community reinvestment law for the State of New Jersey. It requires similar analysis and evaluation of banks, mortgage companies, and credit unions to determine and rate if these institutions are lending, investing, and providing financial services to low- and moderate-income consumers and communities. This includes underserved communities and populations. Under the bill, the Department of Banking and Insurance (the "department") is to review activities of the various regulated financial institutions in the State every three years. This includes reviewing various types of products and services offered by an institution including, but not limited, to: 1) retail lending, such as home and small business loans; 2) community development lending; 3) low-cost deposit accounts and other retail financial services; and 4) how an institution works with delinquent consumers. Upon the department's examination, a rating is assigned to an institution. If a rating of "low satisfactory" or lower is given to a regulated financial institution, an improvement plan is to be developed between the institution, the department, and comments from members of the public. Additionally, under the bill, the department is to develop a disparity study. This is to identify underserved counties, populations, and census tracts in the State. Data collected for this study may be shared with federal agencies. Upon completion, a report of the findings and recommendations is to be issued to the Legislature. Lastly, each regulated financial institution is to post a notice in each branch, or on its website, a notice for public consumption stating, in part, that the institution's performance is evaluated based on how it meets the needs of its community and that a copy of the evaluation is available for review.

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Britnee Timberlake (D)*, 

Introduced in the Senate, Referred to Senate Commerce Committee (on 01/13/2026)

Official Document