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SB 302

AN ACT REVISING VARIOUS PROVISIONS RELATING TO CERTAIN APPROVALS BY THE BANKING COMMISSIONER AND CONNECTICUT BANK BRANCH APPLICATIONS.

2026 Regular Session Introduced by Eric Berthel and 1 co-sponsor

SB 302 revises Connecticut banking commissioner approval procedures and branch application processes, potentially streamlining bank expansion while altering regulatory oversight mechanisms.

FILE NO. 126
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Bill Summary · SB 302

Legislative bill overview

SB 302 modifies Connecticut's regulatory framework governing banking commissioner approvals and the process for banks to establish new branch locations. The bill revises various provisions related to how banks apply for and obtain permission to open branches, as well as streamlining certain approval procedures under the banking commissioner's authority.

Why is this important

Banking branch applications directly affect consumer access to financial services, particularly in underserved communities. Streamlining or revising these approval processes can influence how quickly banks expand services, which has consequences for rural areas, low-income neighborhoods, and overall financial competition in the state.

Potential points of contention

  • Regulatory burden vs. consumer protection: Changes to approval requirements could reduce red tape for banks but might also weaken oversight mechanisms designed to protect consumers and ensure sound banking practices
  • Community reinvestment concerns: Modifications to branch application processes could affect banks' obligations to serve all communities equitably, particularly regarding lending and services in lower-income areas
  • Competitive impact: Streamlined approvals might favor larger banks with resources to navigate complex applications, potentially disadvantaging smaller community banks

Compiled from official sources — confirm details with the bill’s official record.

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