§ 36a-128 — Duties of commissioner re complaints concerning mergers of financial institutions. Reports.

(a) For purposes of this section: (1) “Connecticut bank” has the same meaning as provided in section 36a-2 ; (2) “Connecticut credit union” has the same meaning as provided in section 36a-2 ; (3) “Federal credit union” has the same meaning as provided in section 36a-2 ; (4) “Financial institution” has the same meaning as provided in section 36a-41 ; (5) “Out-of-state bank” has the same meaning as provided in section 36a-2 ; and (6) “Out-of-state credit union” has the same meaning as provided in section 36a-2 . (b) The Banking Commissioner shall: (1) Provide timely assistance to any person holding an account at a financial institution concerning any matter relating to the financial institution following the financial institution's merger with another financial institution; (2) Receive and review complaints by persons holding accounts at a financial institution following the financial institution's merger with another financial institution, and if any financial institution that is a party to such merger is a Connecticut bank or Connecticut credit union, investigate such complaints; (3) Communicate complaints concerning a financial institution, following a merger involving the financial institution, to the primary regulator of such financial institution if such financial institution is an out-of-state bank, out-of-state credit union or federal credit union; (4) Assist persons who submit complaints under subdivision (2) of this subsection to understand their rights and responsibilities concerning such complaints; (5) Provide information to the public, state agencies, legislators and other persons regarding the problems and concerns of persons who submit complaints under subdivision (2) of this subsection, and make recommendations to resolve such problems and concerns; (6) Analyze and monitor the development and implementation of federal, state and local laws, regulations and policies relating to financial institutions and the merger of financial institutions, and recommend any changes to such laws, regulations or policies the Banking Commissioner deems necessary; (7) Review information relating to complaints involving Connecticut banks and Connecticut credit unions submitted under subdivision (2) of this subsection, for any person who provides written consent for such review; (8) Disseminate information on the Department of Banking's Internet web site concerning the availability of the department's personnel for assisting persons holding accounts at financial institutions with their concerns relating to financial institution mergers; and (9) Take any other action the Banking Commissioner deems necessary to fulfill the commissioner's duties under this subsection. (c) On or before January 1, 2025, and annually thereafter, the Banking Commissioner shall submit a report, in accordance with the provisions of section 11-4a , to the joint standing committee of the General Assembly having cognizance of matters relating to banking. Each report shall: (1) Summarize the analysis conducted by the Banking Commissioner pursuant to subdivision (6) of subsection (b) of this section for the preceding calendar year; and (2) recommend any changes to federal, state and local laws, regulations and policies relating to the merger of financial institutions the Banking Commissioner deems necessary.

Legislative History

(P.A. 23-126, S. 25.)