MN HF2284

Appropriates $500,000 in fiscal year 2020 and $500,000 in fiscal year 2021 from the general fund to the commissioner of employment and economic development for a grant to create a federally or state-chartered credit union.

Credit union must be designed to serve low-income individuals with limited access to or experience with traditional banking services.

Credit union must provide deposit, investment, and loan services in a responsible and culturally appropriate manner and operate at least one physical location for member access.

Commissioner must submit a report by February 15, 2022 on grant activities and quantifiable outcomes to the chairs and ranking minority members of the house and senate committees with jurisdiction over economic development.