NJ A5957

Requires the Department of Banking and Insurance to examine all state-chartered banks, savings banks, credit unions, and licensed mortgage companies at least once every three years to assess how well they serve low- and moderate-income communities, underserved populations, and distressed areas

Establishes a five-tier rating system for financial institutions ranging from "Outstanding record of meeting community needs" to "Substantial noncompliance in meeting community needs," with ratings made publicly available

Institutions receiving a rating of "low satisfactory" or lower must submit an improvement plan within 90 days, which is subject to 60 days of public comment and revision

Financial institutions rated "needs to improve" or "substantial noncompliance" are barred from receiving deposits from state agencies, and the department may adjust fees based on ratings

Mandates a disparity study every three years to identify underserved counties, populations, and census tracts, with findings and recommendations reported to the Legislature