CT SB00178

Banking Commissioner must consider Connecticut banks' Community Reinvestment Act compliance record and overall rating before approving establishment of loan production offices, effective October 1, 2022.

Out-of-state banks (other than foreign banks) seeking to establish loan production offices in Connecticut must also have their Community Reinvestment Act compliance record and rating considered by the Banking Commissioner.

Connecticut banks proposing to close loan production offices must submit notice to the Banking Commissioner at least 30 days prior to closure, including detailed reasons and supporting information, with customer notification posted at the office for 30 days.

A working group convenes by October 1, 2022 to examine the Community Reinvestment Act, monitor proposed federal changes, and recommend methods to incentivize banks and credit unions to open branches in underserved communities and offer loans to low and moderate-income individuals.

Working group consists of legislative committee members, the Banking Commissioner, industry representatives, and community advocates; must submit findings and recommendations by February 1, 2024, then terminate.