Bill > SB00216

This bill, effective October 1, 2026, modifies the Community Bank and Credit Union Investment Program managed by the State Treasurer, which allows up to $300 million of the state's operating cash to be invested in eligible community banks and credit unions. The key change is that the State Treasurer will now establish an application process for these institutions to receive investment-related services, and importantly, may accept rates for these services that are up to one hundred basis points (or 1%) below the previous day's yield on a comparable U.S. Treasury security with the same maturity date, a departure from the previous competitive bidding requirement. The bill also retains provisions for the State Treasurer to set eligibility criteria, including asset limits for participating institutions, and to establish capital standards for them, while continuing the requirement for the Department of Banking to provide median percentage loan growth data for these institutions.

Business and Industry

Banking Committee (Joint)

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB00216&which_year=2026