Bill > HB07083

This bill introduces several key revisions to Connecticut's credit union statutes, addressing a range of operational and definitional aspects. The bill defines new terms like "loan officer" and "insider", expands the definition of "immediate family member", and allows certain credit unions to receive payments from nonmembers under specific conditions. For community development financial institutions, the bill establishes graduated limits on nonmember payments based on the credit union's total assets. The legislation redefines "member business loans" to include and exclude certain types of loans, and provides guidelines for charitable contributions by credit unions, allowing senior management to make contributions within certain limits and requiring governing board approval for larger contributions. The bill also modifies rules around extensions of credit for insiders, employees, and governing board members, permitting preferential rates under a uniform, written policy that prevents potential financial losses. Additionally, the bill updates definitions of "capital" and "net worth", removing references to regular reserves and clarifying how these terms are calculated. These changes aim to provide credit unions with more flexibility in their operations while maintaining financial prudence and transparency.

Business and Industry

Banking Committee (J)

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB07083&which_year=2025