Bill > SB01256

This bill makes several changes to Connecticut's financial institution regulations, primarily focusing on banking organization, fees, and operational requirements. The bill increases the fee for investigating and processing a bank organization application from $15,000 to $20,000, and modifies the factors considered when evaluating new bank applications by removing population considerations for standard banks and innovation banks. The legislation also increases the minimum asset deposit requirement for trust banks and innovation banks from $1 million to $1.5 million. Additionally, the bill reduces the period for written objections to a bank name change from 30 to 15 days and simplifies the process for bank relocation approvals by eliminating certain population and convenience factors. For innovation banks, which are a new type of financial institution that cannot accept retail deposits, the bill provides specific guidelines about deposit insurance disclosure and receiver responsibilities. These changes aim to streamline banking regulations, provide more flexibility for new bank formation, and create a clearer framework for specialized banking entities like innovation banks.

Business and Industry

Banking Committee (Joint)

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB01256&which_year=2025