Summary of Committee Bill No. 657

• Repeals and replaces Section 36a-438a to expand field of membership options for Connecticut credit unions, effective October 1, 2023.

• Allows credit unions to include associations of individuals in their membership, provided the associations were formed for purposes other than merely expanding the credit union's field of membership.

• Establishes nine criteria for commissioners to evaluate whether associations meet the requirement of serving a legitimate purpose, including membership participation, dues payment, voting rights, and separation from the credit union.

• Permits multiple common bond credit unions to include well-defined community members if the area is an underserved investment area and the credit union maintains a physical office in that community.

• Requires commissioner written approval for expansions of 500+ potential members, with findings that the credit union is adequately capitalized, has proper administrative capability, and the public benefit clearly outweighs potential harm to other credit unions.