CT HB06750

Banking Commissioner shall designate a Bank Merger Ombudsman within the Department of Banking, effective October 1, 2023, within available appropriations.

Ombudsman shall provide timely assistance to account holders concerning matters related to financial institution mergers and receive, review, and investigate complaints if a Connecticut bank or credit union is party to the merger.

Ombudsman shall communicate complaints involving out-of-state banks, out-of-state credit unions, or federal credit unions to their primary regulators.

Ombudsman shall compile and analyze complaint data, assist complainants in understanding their rights, provide public information and recommendations, and analyze federal, state, and local laws relating to financial institution mergers.

Banking Commissioner shall submit annual reports starting January 1, 2025, to the joint standing committee on banking detailing implementation effectiveness and additional steps needed to address merger-related complaints.