Reynolds-Jackson & Holley Bill Establishing Minority Depository Institution Coordinator in EDA Passes Committee December 15, 2020, 3:36 pm | in Reynolds-Jackson & Holley Bill Establishing Minority Depository Institution Coordinator in EDA Passes Committee
(TRENTON) – Aiming to identify and reduce potential barriers minority depository institutions face in participating in New Jersey Economic Development Authority (EDA) loan programs, Assembly Democrats Verlina Reynolds-Jackson and Jamel Holley sponsor a bill to create an EDA position to address these concerns. Depository institutions are financial institutions that largely obtain their funds through deposits from members of the public, such as banks and savings associations. A minority depository institution is an organization with a majority of its voting stock and a majority of its Board of Director positions held by people of color, while the community it serves is predominantly comprised of minorities as well.