ASSEMBLY FINANCIAL INSTITUTIONS COMMITTEE

 

STATEMENT TO

 

ASSEMBLY, No. 2229

 

with committee amendments

 

STATE OF NEW JERSEY

 

DATED: SEPTEMBER 16, 1996

 

      The Assembly Financial Institutions Committee reports favorably and with committee amendments Assembly Bill No. 2229.

      This bill adds the Commissioner of Commerce and Economic Development or his designee as an ex officio member of the Community Financial Services Advisory Board. The Community Financial Services Advisory Board reviews the reports of depository institutions developed by federal regulators under the "Community Reinvestment Act of 1977" and acts as a resource to the Commissioner of Banking and Insurance by developing and recommending ideas and programs to assist depository institutions in meeting community credit needs and consumers in understanding and using credit opportunities available through depository institutions in this State.

      The committee amended the bill to change the name of the Department of Banking to the Department of Banking and Insurance.