A1671

Establishes a Minority Depository Institution Coordinator in the New Jersey Economic Development Authority to reduce barriers for minority depository.

The bill establishes the position of Minority Depository Institution Coordinator within the New Jersey Economic Development Authority (EDA). The EDA board will collaborate with the Chief Diversity Officer to select a coordinator through an agreed-upon application process. The coordinator will work with the board and Chief Diversity Officer to identify and reduce administrative barriers for minority depository institutions in EDA loan programs. The authority must submit a report to the Legislature within 120 days of enactment detailing the steps taken to achieve these goals.