CT SB01398

Expands Connecticut's Community Reinvestment Act requirements to include minority-owned and women-owned businesses alongside low and moderate-income neighborhoods when assessing banks' and credit unions' performance in meeting local credit needs

Defines minority-owned and women-owned businesses as those with at least 51% ownership by a minority individual or woman who is active in daily operations and has management control

Requires the Banking Commissioner to evaluate banks' community reinvestment records when considering applications for mergers, acquisitions, branch establishments, and holding company approvals

Applies to community credit unions with $10 million or more in total assets that serve well-defined communities, neighborhoods, or rural districts

Takes effect October 1, 2025 and amends sections 36a-30 through 36a-37a of the general statutes