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CT HB06453
Bill
Status
5/4/2021
Primary Sponsor
Banking Committee
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AI Summary
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Banking Commissioner must consider a bank's Community Reinvestment Act (CRA) compliance record and overall CRA rating before approving establishment of loan production offices by Connecticut banks or out-of-state banks, effective October 1, 2021
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Connecticut banks closing a loan production office must submit notice to the commissioner at least 30 days prior, including detailed reasons and supporting information, and post notice on premises for 30 days
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Establishes a working group convened by the banking committee chairpersons to examine the federal CRA, monitor proposed changes, and recommend methods to incentivize banks and credit unions to serve underbanked communities
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Working group membership includes legislative banking committee leaders, Banking Commissioner, representatives from Connecticut Bankers' Association, Credit Union League, two bank representatives, two credit union representatives, and two community representatives
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Working group must hold first meeting within 60 days of passage and submit findings and recommendations to the banking committee by January 1, 2022, at which point it terminates
Legislative Description
An Act Requiring The Banking Commissioner To Consider The Performance Of Certain Banks Under The Community Reinvestment Act Before Approving The Establishment Of Certain Loan Production Offices And Establishing A Working Group To Examine The Community Reinvestment Act.
Last Action
File Number 634
5/6/2021