Connecticut Senate Bill SB00922

Connecticut 2015 Regular Session

• Introduced: 2/18/15
• Refer: 2/18/15

Caption

An Act Concerning Minor Revisions To Connecticut's Financial Institutions Statutes.

Impact

The bill is set to enhance the regulatory framework surrounding Connecticut's financial institutions by modernizing requirements that affect credit unions and banks. The introduction of 'virtual banking' in the definitions section recognizes the changing landscape of financial services, allowing for more digital engagement with consumers. Additionally, adjustments to audit requirements are intended to provide clearer guidelines on the accountability of the governing boards of these institutions, which could lead to improved financial stability and greater transparency in the sector.

Summary

SB00922, titled 'An Act Concerning Minor Revisions To Connecticut's Financial Institutions Statutes,' aims to revise and clarify certain reporting and operational requirements for financial institutions in Connecticut. The bill specifically focuses on credit unions and modifies the obligations of these organizations when it comes to filing financial reports. It rescinds outdated practices, replacing them with provisions mandating adherence to federal regulations when filing with the National Credit Union Administration. This changes the way credit unions are to report their status, streamlining processes to improve efficiency and compliance.

Contention

While SB00922 appears mostly technical and procedural in nature, the revisions concerning auditing and reporting could provoke discussions regarding compliance burdens on smaller credit unions versus larger financial institutions. The bill's provisions relating to the oversight of acquisition proposals might raise concerns among stakeholders regarding increased regulatory scrutiny and the potential impact on competition within the banking sector. Overall, the bill has been designed to reduce ambiguity in existing laws, but its implications for operational flexibility among credit unions may warrant further examination during legislative consideration.