Connecticut General Statutes 36a-128 – Duties of commissioner re complaints concerning mergers of financial institutions. Reports
(a) For purposes of this section:
Terms Used In Connecticut General Statutes 36a-128
- another: may extend and be applied to communities, companies, corporations, public or private, limited liability companies, societies and associations. See Connecticut General Statutes 1-1
- Bank: means a Connecticut bank or a federal bank. See Connecticut General Statutes 36a-2
- banks: shall include all incorporated banks. See Connecticut General Statutes 1-1
- Commissioner: means the Banking Commissioner and, with respect to any function of the commissioner, includes any person authorized or designated by the commissioner to carry out that function. See Connecticut General Statutes 36a-2
- Connecticut credit union: means a cooperative, nonprofit financial institution that (A) is organized under chapter 667 and the membership of which is limited as provided in section 36a-438a, (B) operates for the benefit and general welfare of its members with the earnings, benefits or services offered being distributed to or retained for its members, and (C) is governed by a volunteer board of directors elected by and from its membership. See Connecticut General Statutes 36a-2
- Federal credit union: means any institution chartered or organized as a federal credit union pursuant to the laws of the United States having its principal office in this state. See Connecticut General Statutes 36a-2
- Financial institution: means any Connecticut bank, Connecticut credit union, or other person whose activities in this state are subject to the supervision of the commissioner, but does not include a person whose activities are subject to the supervision of the commissioner solely pursuant to chapter 672a, 672b or 672c or any combination thereof. See Connecticut General Statutes 36a-2
- Merger: means the combination of one or more institutions with another which continues its corporate existence. See Connecticut General Statutes 36a-2
- Out-of-state: includes any state other than Connecticut and any foreign country. See Connecticut General Statutes 36a-2
- Out-of-state credit union: means any credit union other than a Connecticut credit union or a federal credit union. See Connecticut General Statutes 36a-2
- Person: means an individual, company, including a company described in subparagraphs (A) and (B) of subdivision (12) of this section, or any other legal entity, including a federal, state or municipal government or agency or any political subdivision thereof. See Connecticut General Statutes 36a-2
- State: means any state of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the trust territory of the Pacific Islands, the Virgin Islands and the Northern Mariana Islands. See Connecticut General Statutes 36a-2
(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.