SB 302 Connecticut Senate · 2026 Regular Session

AN ACT REVISING VARIOUS PROVISIONS RELATING TO CERTAIN APPROVALS BY THE BANKING COMMISSIONER AND CONNECTICUT BANK BRANCH APPLICATIONS.

This bill requires Connecticut banks seeking branch approvals or acquisitions to demonstrate strong community reinvestment performance. Before granting such approvals, the Banking Commissioner must confirm banks have met federal community reinvestment standards and submit a public plan detailing how they'll serve low-income neighborhoods. The plan must include specific strategies for credit access, nondiscriminatory services, and branch distribution in underserved areas, and be reviewed by the public for 30 days. This applies to branch applications under sections 36a-125 and 36a-145 of Connecticut law.

Bill status in committee 1 of 4 stages cleared

Introduction

Feb 2026

Committee Review

Floor Vote

Governor

Introduced Feb 26, 2026 Last action Mar 23, 2026

Maddy AI version diff · 1 comparison

What changed between versions

Raised Bill → BA Joint Favorable Substitute · 4 edits

MODERATE

This bill updates the rules for approving bank mergers and acquisitions in Connecticut by clarifying when banks with poor community reinvestment records must submit service plans. It also streamlines the approval process for eligible entities by defining specific conditions under which an application can be automatically approved or rejected.

Scope change

The bill expands the scope of community reinvestment requirements to include banks that receive 'needs to improve' or 'substantial noncompliance' ratings, regardless of whether they are part of a holding company structure.

ELIGIBILITY

Clarified that banks receiving low community reinvestment ratings must provide a plan to meet local banking needs, including for low- and moderate-income residents.

REQUIREMENT

Updated the automatic approval timeline for eligible entities to allow approval on the fifth business day after the comment period, unless specific adverse conditions exist.

Added specific criteria that can delay automatic approval, such as significant supervisory concerns, legal issues, or the need for additional information.

TIMELINE

Adjusted the effective date for certain provisions to October 1, 2026, while maintaining the October 1, 2026 start for others.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Mar 10, 2026

Upper · Passed

Joint Favorable Substitute

upper

Feb 26, 2026

Committee

REF. TO JOINT COMM. ON Banking

upper

2 primary · 0 co-sponsors