§ 36a-30 — (Formerly Sec. 36-52a). Community reinvestment. General requirements.

Connecticut § 36a-30

• Jurisdiction: Connecticut
• Title 36a: The Banking Law of Connecticut
• Ch. 664a: Administration and Enforcement

Text

(a) As used in sections 36a-30 to 36a-33, inclusive, unless the context otherwise requires: (1) “Bank” means any bank or out-of-state bank that maintains in this state a branch as defined in section 36a-410 . “Bank” does not include special purpose banks that do not perform commercial or retail banking services in which credit is granted to the public in the ordinary course of business, other than as an incident to their specialized operations, including, but not limited to, banker's banks and banks that engage only in one or more of the following activities: Providing cash management controlled disbursement services or serving as correspondent banks, trust companies or clearing agents. (2) “Federal CRA” means (A) the federal Community Reinvestment Act of 1977, 12 USC Section 2901 et seq., as from time to time amended, and (B) the regulations implementing said act adopted by the federal financial supervisory agencies as set forth in 12 CFR Part 25, 12 CFR Part 228, 12 CFR Part 345 and 12 CFR Part 563e, as from time to time amended, and as applicable to the specific type of bank. (3) “Federal financial supervisory agency” means the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision and any successor to any of the foregoing agencies, as applicable to the specific type of bank. (b) The commissioner shall assess the record of each bank in satisfying its continuing and affirmative obligations to help meet the credit needs of its local communities, including low and moderate-income neighborhoods, consistent with the safe and sound operation of such banks, and shall provide for the consideration of such records in connection with any application listed in subsection (c) of section 36a-32 . (c) Each bank shall, in accordance with the provisions of federal CRA and without excluding low and moderate-income neighborhoods, delineate the local community or communities that comprise its entire community within this state or delineate one or more assessment areas, as applicable, within which the commissioner shall evaluate the bank's record of helping to meet the credit needs of its entire community in this state. The commissioner shall review the delineation for compliance with federal CRA and this subsection in connection with an examination of the bank under section 36a-17 . (d) Each bank shall collect and report loan information in accordance with the applicable requirements of federal CRA. Each bank shall file with the commissioner a copy of each CRA disclosure statement prepared for such bank by a federal financial supervisory agency under federal CRA within thirty business days after receiving the statement. (e) Copies of the public section of the most recent community reinvestment performance evaluation prepared by the commissioner pursuant to subsection (b) of section 36a-32 shall be provided to the public upon request. A bank may charge a reasonable fee not to exceed the cost of copying and mailing, if applicable. (f) Each bank shall maintain a public file in accordance with federal CRA. Each bank shall place a copy of the public section of the bank's most recent community reinvestment performance evaluation prepared by the commissioner pursuant to subsection (b) of section 36a-32 in the public file within thirty business days after its receipt from the commissioner. The bank may also include in the public file any response to such performance evaluation that the bank wishes to make. The bank shall make a copy of the public section of such performance evaluation available to the public for inspection upon request and at no cost at the bank's main office and at each of its branches in this state. Any bank that received a less than satisfactory rating during its most recent examination under section 36a-32 shall include in its public file a description of its current efforts to improve its performance in helping to meet the credit needs of its entire community. The bank shall update the description quarterly. (g) The commissioner may assess a bank's record of helping to meet the credit needs of its assessment areas under a strategic plan pursuant to federal CRA, provided (1) the strategic plan is filed with the commissioner concurrently with its submission by the bank to a federal financial supervisory agency for approval under federal CRA, and (2) the strategic plan is approved by the commissioner.

Legislative History

(P.A. 89-295, S. 1, 5; P.A. 91-180, S. 1; P.A. 94-122, S. 16, 340; P.A. 95-155, S. 5, 29; P.A. 96-8, S. 1, 6; P.A. 02-89, S. 74.) History: P.A. 89-295 effective July 1, 1990; P.A. 91-180 amended the definition of “bank” in Subsec. (a) by adding an exception for institutions that engage solely in correspondent banking business or trust company business, act solely as a clearing agent or do not perform commercial or retail banking services, changed standard metropolitan statistical area to read metropolitan statistical area in Subsec. (c)(1), amended Subsec. (f) by adding provisions re community reinvestment performance evaluations and mailing fees, and amended Subsec. (g)(1) by adding provisions re community reinvestment performance evaluations and making a technical change in Subsec. (g)(2); P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-52a transferred to Sec. 36a-30 in 1995; P.A. 95-155 amended the definition of “bank” in Subsec. (a) to mean banks or certain out-of-state banks, and amended Subsec. (c) to add “within this state”, effective June 27, 1995; P.A. 96-8 substantially rearranged provisions and amended Subsec. (a) to redefine “bank” and to define “federal CRA” and “federal financial supervisory agency”, replaced Subsec. (c) to require banks to delineate their community in accordance with federal CRA and to require the commissioner to review delineations, made Subsec. (d) effective “until, but not after June 30, 1997”, amended Subdiv. (d)(2) to require banks to place statements from the prior two years in their public files, added Subdiv. (d)(3) re statement availability and required that copies be available subject to reasonable fees including copying and mailing costs, replaced Subsec. (e) to include loan information, amended Subsec. (f) to require banks to make statements available upon request, inserted “reasonable” to modify fee, allowed fees for “copying” and deleted requirement that statement be “readily available” for public inspection at main office and at office in the local community, replaced Subsec. (g) to require banks to place a copy of their performance evaluation in their public file and added Subsec. (h) to allow the commissioner, subject to provisos, to assess a bank's record of helping to meet credit needs of its assessment areas under a strategic plan, effective April 29, 1996; P.A. 02-89 deleted as obsolete former Subsec. (d) re community reinvestment statement provisions applicable prior to June 30, 1997, and redesignated Subsecs. (e), (f), (g) and (h) as Subsecs. (d), (e), (f) and (g), respectively.