General Assembly Adopts Banking Regulatory Reforms

The state Senate unanimously approved legislation May 20 eliminating outdated regulatory requirements for small and medium-sized banks.

HB 6877 also won unanimous support from the House last month and now moves to the Governor’s office for his signature.

The bill eliminates a requirement that small and medium-sized banks obtain approval from the Department of Banking for renovations costing more than $750,000.

Previously, banks were required to obtain approval for renovations exceeding $750,000 or 5% of their capital, whichever was less.

This process often involved significant labor hours and administrative hurdles, delaying much-needed upgrades and diverting resources from core business operations.

“This legislation is a result of collaboration between the banking industry and Banking Committee leadership,” said CBIA’s Pete Myers.

“It shows Connecticut is serious about cutting red tape and encouraging economic growth.”

For more information, contact CBIA’s Pete Myers (860.244.1921).