Clarifies the definition of "community bank institution"; expands eligible deposits to a community bank institution under the community bank deposit program; requires an annual report by the state comptroller and the commissioner of taxation and finance of the efficacy of the community bank deposit program.
Relates to the community bank deposit program; increases the maximum amount of funds on deposit at a community banking institution to thirty million dollars.
Relates to minority depository institutions which apply to establish a home or branch office in an unbanked or underbanked community; provides that such institutions shall be entitled to receive deposits from the state comptroller and the commissioner of taxation and finance.
Allows a bank, in the discretion of the comptroller and the commissioner of taxation and finance, to arrange for the redeposit of moneys, in whole or in part, through a deposit placement program.
Permit banks the discretion to choose whether to receive deposits from other banks, savings banks, or savings and loan associations when arranging for the re-deposits of county, municipal, and state funds
To amend the Community Development Banking and Financial Institutions Act of 1994 to reauthorize and improve the community development financial institutions bond guarantee program, and for other purposes.amend the Community Development Banking and Financial Institutions Act of 1994 to reauthorize and improve the community development financial institutions bond guarantee program, and for other purposes.
An Act Concerning Consumer Credit, Certain Bank Real Estate Improvements, The Connecticut Uniform Securities Act, Shared Appreciation Agreements, Innovation Banks, The Community Bank And Community Credit Union Program And Technical Revisions To The Banking Statutes.
To amend the Federal Reserve Act to establish a permanent Bank Term Funding Program to provide member banks and other depository institutions with short-term liquidity against long-term assets.