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House advances update to credit‑union law expanding CDFI access
Summary
The Connecticut House passed substitute HB 7083, an annual update to credit‑union statutes that narrows insider definitions, scales non‑member deposit limits by credit‑union size and expands eligible participation in the federal CDFI program; amendment negotiated with industry was adopted and the bill passed on a roll call.
The Connecticut House on the floor passed substitute HB 7083, a package of technical and policy updates to the state's credit‑union statutes intended to broaden community development finance access and tighten conflict‑of‑interest rules.
Representative Doucette, chair of the Banking Committee, said the measure is “an annual update to the credit union statutes,” explaining the bill expands Connecticut credit unions’ ability to participate in the U.S. Treasury’s Community Development Financial Institution (CDFI) program and updates definitions governing member business loans, charitable contributions and insider loans. "The bill before us this morning, is, I would call it an annual, update to the credit union statutes," Doucette said during his floor summary.
Doucette also presented a negotiated House amendment (LCO 7500, House Amendment Schedule A) he said was the product of discussions with the Credit Union League, the Department of Banking and the Connecticut Bankers Association. He asked for a voice vote on the amendment; a voice vote was taken and the amendment was adopted.
Several lawmakers, including Representative Delnicki, voiced support and asked clarifying questions about the amended language, including how the bill scales non‑member deposits and narrows definitions of "immediate family" and "insider." Doucette replied that the amendment scaled permitted non‑member deposits proportional to credit‑union size and narrowed, for clarity, the statutory definitions for insiders and immediate family members so enforcement and oversight by the banking commissioner would be clearer.
The House then opened the roll for final passage. The clerk announced voting totals on the floor: total voting 144, the number necessary for adoption 73; the transcript records the ayes as 144 and nays 0. The bill as amended passed.
What happens next: The bill will move to the Senate for consideration or any further steps specified by that chamber.
