Bill Text: CT SB00399 | 2014 | General Assembly | Introduced

Connecticut Senate Bill 399 (Prior Session Legislation)

Introduced

Bill Title: An Act Concerning Bankers' Banks.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2014-03-07 - Public Hearing 03/11 [SB00399 Detail]

Download: Connecticut-2014-SB00399-Introduced.html


General Assembly		*Raised Bill No. 399*
*February Session, 2014*		LCO No. 2168
		02168_______BA_
Referred to Committee on BANKS
Introduced by:
(BA)

AN ACT CONCERNING BANKERS' BANKS.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. Subdivision (3) of subsection (q) of section 36a-70 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2014):

(3) A bankers' bank shall have all of the powers of and be subject to all of the requirements applicable to a Connecticut bank under this title which are not inconsistent with this subsection, except: (A) A bankers' bank may only provide services for, or that indirectly benefit, other banks, out-of-state banks, Connecticut credit unions, federal credit unions, or out-of-state credit unions and for the directors, officers and employees of such banks, out-of-state banks, Connecticut credit unions, federal credit unions, or out-of-state credit unions; (B) only [banks, out-of-state banks, Connecticut credit unions, federal credit unions, or out-of-state credit unions having their principal office in Connecticut, Maine, Massachusetts, New Hampshire, New York, Rhode Island or Vermont] state-chartered or federally-chartered banks and state-chartered or federally-chartered credit unions may own the capital stock of or otherwise invest in a bankers' bank; (C) upon the written request of a bankers' bank, the commissioner may waive specific requirements of this title and the regulations adopted thereunder if the commissioner finds that (i) the requirement pertains primarily to banks that provide retail or consumer banking services and is inconsistent with this subsection, and (ii) the requirement may impede the ability of the bankers' bank to compete or to provide desired services to its market provided, any such waiver and the commissioner's findings shall be in writing and shall be made available for public inspection; and (D) the commissioner may, by regulation, limit the powers that may be exercised by a bankers' bank.


This act shall take effect as follows and shall amend the following sections:
Section 1	October 1, 2014	36a-70(q)(3)

Statement of Purpose:

To allow for the expansion of the client base of a bankers' bank.

[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]