NJ S2722

New Jersey Department of Banking and Insurance must examine and rate banks, mortgage companies, and credit unions on their lending, investments, and services to low- and moderate-income consumers and underserved communities at least once every three years

Institutions receive ratings ranging from "Outstanding record of meeting community needs" to "Substantial noncompliance in meeting community needs," with those rated "low satisfactory" or below required to submit improvement plans within 90 days

Examinations assess retail lending (home, small business, consumer loans), community development lending and investments, availability of branches and low-cost deposit accounts, and efforts to work with delinquent borrowers and prevent displacement of low-income populations

Institutions rated "needs to improve" or "substantial noncompliance" are ineligible to receive deposits from State agencies, and the department may adjust fees based on ratings

The department must conduct a disparity study every three years to identify underserved counties, populations, and census tracts, and report findings and recommendations to the Legislature