State & Federal Developments

State Issues

• A.5516 (Hunter) was introduced and referred to the Assembly Banks Committee this week. Among other things, this bill would authorize underbanked communities as eligible for the establishment of banking development districts (BDD). There is currently no Senate sponsor for the bill.  

Federal Issues

• Senate Banking Committee Chair Sherrod Brown (D-OH) wrote to the Treasury, Federal Reserve, and FDIC seeking a full review of the bank closures with an eye toward any potential broader vulnerabilities in the banking system.