CT HB05405

Modifies annual reporting requirements for the Commissioner to include credit union oversight activities and extends reporting to the joint standing committee cognizant of both banking and credit union matters, effective October 1, 2018

Updates credit union governing board policy requirements to adopt written policies when amended or as required by law, rather than mandating annual reviews, covering lending, investments, membership, and conflicts of interest

Expands permissible services and activities for Connecticut credit unions, including electronic communications for member notices and voting, ACH/wire transfers, prepaid debit cards, payroll cards, and digital wallet services

Changes mortgage loan definition to allow loans secured by one-to-four family residences used as personal residences, removing the restriction limiting non-primary residence real estate loans to $50,000

Allows credit unions to engage in activities authorized for federal credit unions under state or federal law with prior written notice to the commissioner, who has 30 days to disapprove; commissioner may adopt regulations to ensure safe and sound practices

Increases the allowable investment in real estate and improvements from five percent to twenty percent of total assets without commissioner approval