Funding provided for a nonprofit to create a credit union, report required, and money appropriated.

HF 2982 appropriates $500,000 for fiscal year 2026 and $500,000 for fiscal year 2027 from the general fund to create a grant for a nonprofit to establish a credit union. The credit union must specifically serve low-income individuals with limited access to traditional banking, offering deposit, loan, and investment services in a culturally appropriate way. It requires the credit union to operate at least one physical location and mandates a report on outcomes to legislative committees by February 15, 2028. This bill directly affects underserved Minnesotans by expanding access to banking services and the nonprofit implementing the credit union. The funding is a one-time appropriation with specific service requirements and reporting obligations.