NJ Unveils Proposed Rules For Banking Development Districts

Law360, New York (July 16, 2012, 2:41 PM EDT) -- The New Jersey Department of Banking and Insurance on Monday published proposed rules for a new program designed to encourage banks to open branches in underserved communities.

The Banking Development District Act, signed into law in February, encourages the establishment of banks, savings and loan associations, and credit union branches in areas where there is a demonstrated need for banking services.

Proponents say the districts will give residents in all NJ communities access to professional financial advice.

“Encouraging banks to open the door to financial security...
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