CT SB01256

Increases the application fee for organizing a Connecticut bank from $15,000 to $20,000, effective July 1, 2025

Establishes a new "innovation bank" category that requires minimum equity capital of $5 million, cannot accept retail deposits, and must prominently disclose that deposits are not FDIC-insured

Exempts innovation banks from population-based public interest considerations when evaluating approval applications and main office relocations

Increases the required asset deposit amount for trust banks and innovation banks from $1 million to $1.5 million, and removes grandfathering provisions for banks authorized before May 2004

Reduces the objection period for bank name change applications from 30 days to 15 days and adds separate receivership procedures for innovation banks that consider the bank's credit conditions rather than local geographic conditions