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CT SB00302
Bill
Status
2/26/2026
Primary Sponsor
Banking Committee
Click for details
AI Summary
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Modifies the Community Reinvestment Act (CRA) rating threshold that triggers additional review requirements from any rating other than "outstanding" to only ratings of "needs to improve" or "substantial noncompliance"
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Reduces the automatic approval timeframe for eligible bank branch applications from 12 business days to 5 business days after the comment period expires
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Requires entities with poor CRA ratings to submit plans demonstrating how they will meet banking needs of all community residents, including low-income and moderate-income residents
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Plans submitted for commissioner review must be made available for 30 days of public inspection and comment, with notice published in the department's weekly bulletin and local newspapers
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Effective date: October 1, 2026
Legislative Description
An Act Revising Various Provisions Relating To Certain Approvals By The Banking Commissioner And Connecticut Bank Branch Applications.
Last Action
Referred to Office of Legislative Research and Office of Fiscal Analysis 03/23/26 12:00 PM
3/16/2026