Connecticut 2022 Regular Session Status: In Committee 1 D cosponsors

SB 178 — AN ACT REQUIRING THE BANKING COMMISSIONER TO CONSIDER THE PERFORMANCE OF CERTAIN BANKS UNDER THE COMMUNITY REINVESTMENT ACT BEFORE APPROVING THE ESTABLISHMENT OF CERTAIN LOAN PRODUCTION OFFICES AND ESTABLISHING A WORKING GROUP TO EXAMINE THE COMMUNITY REINVESTMENT ACT.

Last action — FILE NO. 50

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2022 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Bill Text

What changed in the latest version

162 added · 71 removed

162 line(s) added, 71 removed.

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General Assembly Raised Bill No.
Senate General Assembly File No.
178 February Session, 2022 LCO No.
50 February Session, 2022 Substitute Senate Bill No.
1792 Referred to Committee on BANKING Introduced by:
178 Senate, March 21, 2022 The Committee on Banking reported through SEN.
(BA) AN ACT REQUIRING THE BANKING COMMISSIONER TO CONSIDER THE PERFORMANCE OF CERTAIN BANKS UNDER THE COMMUNITY REINVESTMENT ACT BEFORE APPROVING THE ESTABLISHMENT OF CERTAIN LOAN PRODUCTION OFFICES AND ESTABLISHING A WORKING GROUP TO EXAMINE THE COMMUNITY REINVESTMENT ACT.
MILLER of the 27th Dist., Chairperson of the Committee on the part of the Senate, that the substitute bill ought to pass.
AN ACT REQUIRING THE BANKING COMMISSIONER TO CONSIDER THE PERFORMANCE OF CERTAIN BANKS UNDER THE COMMUNITY REINVESTMENT ACT BEFORE APPROVING THE ESTABLISHMENT OF CERTAIN LOAN PRODUCTION OFFICES AND ESTABLISHING A WORKING GROUP TO EXAMINE THE COMMUNITY REINVESTMENT ACT.
Subsection (o) of section 36a-145 of the general statutes is repealed andthefollowing is substituted inlieuthereof(EffectiveOctober 1, 2022):
Subsection (o) of section 36a-145 of the general statutes is repealed andthefollowing issubstituted inlieuthereof(EffectiveOctober 1, 2022):
(2) A Connecticut bank that proposes to close any loan production LCO No.
sSB178 / File No.
1792 1 of 4 Raised Bill No.178 office shall submit to the commissioner a notice of the proposed closing not later than thirty days prior to the date proposed for such closing.
50 1 sSB178 File No.
50 (2) A Connecticut bank that proposes to close any loan production office shall submit to the commissioner a notice of the proposed closing not later than thirty days prior to the date proposed for such closing.
(Effectivefrom passage)(a)The chairpersonsofthejointstanding committee of the General Assembly having cognizance of matters relating to banking shall convene a working group to (1) examine the Community Reinvestment Act of 1977, 12 USC 2901 et seq., as amended from time to time, (2) monitor proposed changes to said act and make recommendations and submit comments to federal regulators and the Connecticut federal legislative delegation, and (3) recommend methods to incentivize banks and credit unions to (A) open branch offices in communities without adequate banking services, (B) offer deposit accounts without overdraft fees to low and moderate-income individuals, and (C) offer loan products to individuals in low and LCO No.
(Effective October 1, 2022) (a) The chairpersons of the joint standing committee of the General Assembly having cognizance of matters relating to banking shall convene a working group to (1) examine the Community Reinvestment Act of 1977, 12 USC 2901 et seq., as amended from time to time, (2) monitor proposed changes to said act andmake recommendationsandsubmit commentsto federalregulators and the Connecticut federal legislative delegation, and (3) recommend methods to incentivize banks and credit unions to (A) open branch offices in communities without adequate banking services, and (B) offer loan products to individuals in low and moderate-income neighborhoods.
1792 2 of 4 Raised Bill No.178 moderate-income neighborhoods.
sSB178 / File No.
(b) The working group shall consist of the following members:
50 2 sSB178 File No.
50 (b) The working group shall consist of the following members:
(2) The Banking Commissioner, or the commissioner's designee;
(2) The Banking Commissioner, or the Banking Commissioner's designee;
(5) Two representatives of Connecticut banks, one of whom shall be appointed by the speaker of the House of Representatives and one of whom shall be appointed by the minority leader of the House of Representatives;
(5) A representative of Connecticut banks, who shall be appointed by the minority leader of the House of Representatives;
(6) Two representatives of Connecticut credit unions, one of whom shall be appointed by the president pro tempore of the Senate and one of whom shall be appointed by the minority leader of the Senate;
(6) A representative of Connecticut credit unions, who shall be appointed by the minority leader of the Senate;
and (7) Four representatives of organizations representing the interests of low and moderate-income communities without adequate banking services, one of whom shall be appointed by the majority leader of the House of Representatives, one of whom shall be appointed by the majority leader of the Senate, one of whom shall be appointed by the minority leader of the House of Representatives and one of whom shall be appointed by the minority leader of the Senate;
and (7) Two representatives of organizations representing the interests of low and moderate-income communities without adequate banking services, one of whom shall be appointed by the speaker of the House of Representatives, and one of whom shall be appointed by the president pro tempore of the Senate.
and (8) A representative of Bank On Connecticut.
(d) The chairpersons of the joint standing committee of the General LCO No.
(d) The chairpersons of the joint standing committee of the General Assembly having cognizance of matters relating to banking shall be the chairpersons of the working group.
1792 3 of 4 Raised Bill No.
178 Assembly having cognizance of matters relating to banking shall be the chairpersons of the working group.
(f) Not later than January 1, 2023, the working group shall submit a report on its findings and recommendations to the joint standing committee of the General Assembly having cognizance of matters relating to banking, in accordance with the provisions of section 11-4a of the general statutes.
sSB178 / File No.
The working group shall terminate on the date that it submits such report or January 1, 2023, whichever is later.
50 3 sSB178 File No.
50 (f) Not later than February 1, 2024, the working group shall submit a report on its findings and recommendations to the joint standing committee of the General Assembly having cognizance of matters relating to banking, in accordance with the provisions of section 11-4a of the general statutes.
The working group shall terminate on the date that it submits such report or February 1, 2024, whichever is later.
3 from passage New section Statement of Purpose:
3 October 1, 2022 New section BA Joint Favorable Subst.
To require the Banking Commissioner to consider banks' compliance with, and rating under, the Community Reinvestment Act prior to approving certain loan production offices, and establishing a working group to examine the Community Reinvestment Act.
sSB178 / File No.
[Proposed deletions are enclosed in brackets.
50 4 sSB178 File No.
Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.] LCO No.
50 The following Fiscal Impact Statement and Bill Analysis are prepared for the benefit of the members of the General Assembly, solely for purposes of information, summarization and explanation and do not represent the intent of the General Assembly or either chamber thereof for any purpose.
1792 4 of 4
In general, fiscal impacts are based upon a variety of informational sources, including the analyst’s professional knowledge.
Whenever applicable, agency data is consulted as part of the analysis, however final products do not necessarily reflect an assessment from any specific department.
OFA Fiscal Note State Impact:
None Municipal Impact:
None Explanation Thisbill,whichrequirestheDepartmentofBankingtoaddadditional considerations in the approval of certain loan production offices and establishes a working group, has no fiscal impact to the state or municipalities.
The Out Years State Impact:
None Municipal Impact:
None sSB178 / File No.
50 5 sSB178 File No.
50 OLR Bill Analysis sSB 178 AN ACT REQUIRING THE BANKING COMMISSIONER TO CONSIDER THE PERFORMANCE OF CERTAIN BANKS UNDER THE COMMUNITY REINVESTMENT ACT BEFORE APPROVING THE ESTABLISHMENT OF CERTAIN LOAN PRODUCTION OFFICES AND ESTABLISHING A WORKING GROUP TO EXAMINE THE COMMUNITY REINVESTMENT ACT.
SUMMARY This bill requires the Department of Banking (DOB) commissioner, when deciding whether to approve a new loan production office for a Connecticut bank or an out-of-state bank (but not a foreign bank), to consider the bank’s (1) record of compliance with the federal Community Reinvestment Act (CRA) and (2) overall CRA rating (see BACKGROUND).
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By law, Connecticut banks must have the commissioner’s approval to establish a loan production office in this state or in another state.
Out- of-state banks, other than foreign ones, must similarly have the commissioner’s approval to establish a loan production office in Connecticut.
The bill also requires the Banking Committee chairpersons to convene and chair a 13-member working group to (1) examine CRA, including monitoring proposed changes to it and (2) recommend ways to incentivize banks and credit unions to provide certain products and services.
The working group must report its findings and recommendations to the Banking Committee by February 1, 2024.
EFFECTIVE DATE:
October 1, 2022 WORKING GROUP Purpose sSB178 / File No.
50 6 sSB178 File No.
50 Under the bill, the working group must examine CRA, including monitoring proposed changes to it, and make recommendations and submit comments to federal regulators and Connecticut’s federal legislative delegation.
The working group must also recommend ways to incentivize banks and credit unions to open branches in communities without adequate banking services and offer loan products to people in low- and moderate-income neighborhoods.
The bill requires the working group to report its findings and recommendations to the Banking Committee by February 1, 2024.
The group terminates on the date it submits the report, or February 1, 2024, whichever is later.
Membership The working group consists of the following members:
1.
the Banking Committee’s chairpersons, vice chairpersons, and ranking members;
2.
the DOB commissioner, or his designee;
3.
one representative each of the Connecticut Bankers’ Association and the Credit Union League of Connecticut (presumably, designated by the respective organizations);
4.
a representative of Connecticut banks, appointed by the House minority leader;
5.
a representative of Connecticut credit unions, appointed by the Senate minority leader;
and 6.
two representatives of organizations representing the interest of low- and moderate-income communities without adequate banking services, one each appointed by the House speaker and Senate president pro tempore.
All initial appointments to the working group must be made by October 31, 2022.
The appointing authority must fill any vacancies.
sSB178 / File No.
50 7 sSB178 File No.
50 Under the bill, the Banking Committee’s chairpersons serve as the group’schairpersonsandschedule theworking group’sfirst meeting by November 30, 2022.
The Banking Committee’sadministrative staff must serve as the working group’s administrative staff.
BACKGROUND CRA Congress enacted the federal CRA in 1977 to encourage regulated financial institutions to help meet their communities’ credit needs (e.g., lending, investing, and providing services), including low- and moderate-income neighborhoods’ needs, consistent with bank safety and soundness.
It requires federal bank regulators to assess a bank’s performance record, assign it a CRA rating ranging from “outstanding” to “substantial noncompliance,” and consider the rating when deciding to approve an application for a new branch, a merger, or certain other activities (12 U.S.C.
§ 2901, et seq.).
COMMITTEE ACTION Banking Committee Joint Favorable Substitute Yea 17 Nay 0 (03/08/2022) sSB178 / File No.
50 8
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Action History

  1. FILE NO. 50

  2. SENATE CALENDAR NUMBER 73

  3. FAV. RPT., TAB. FOR CAL., SEN.

  4. RPTD. OUT OF LCO

  5. REFERRED TO Office of Legislative Research AND Office of Fiscal Analysis 03/21/22

  6. FILED WITH LCO

  7. Joint Favorable Substitute

  8. PUBLIC HEARING 0301

  9. REF. TO JOINT COMM. ON Banking

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 186 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (186)

186 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Frequently asked questions

Who sponsors SB 178?
SB 178 is sponsored by Travis Simms (Democratic).
What is the current status of SB 178?
This bill died with 2022 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 178?
Track SB 178 free on One Click Politics — get push/email alerts when it moves.

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