CT HB07083

Connecticut credit unions designated as community development financial institutions may receive payments from nonmembers, subject to tiered caps based on asset size ranging from $6.25 million or 5% of shares (for credit unions under $250 million in assets) to $25 million or 1.5% of shares (for credit unions with $1 billion or more in assets)

Senior management may authorize charitable contributions up to one ten-thousandth of net assets annually without board approval; larger contributions or donations to organizations where insiders serve as directors require governing board approval and documentation

Insiders, employees, and governing board members may obtain preferential loan rates, terms, or conditions if the credit union establishes a written policy requiring uniform treatment and prohibiting loans expected to result in financial loss

The definition of "member business loan" is revised to exclude loans intended for personal use and commercial loans to nonmembers acquired by federally insured credit unions in compliance with applicable law

Statutory definitions are updated to specify "immediate family member" categories (spouse, parents, children, siblings, in-laws, grandparents, grandchildren) and add new definitions for "insider" and "loan officer," effective July 1, 2025