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Banks and credit unions back FDIC alignment, push back on mandates for cards and candidate accounts
Summary
Industry witnesses told the Banking Committee they support aligning state branch approval rules with recent FDIC changes (SB 302) and backing a fraud‑prevention campaign, but they oppose mandates that would force small institutions to offer card‑issuing programs or be ready to host candidate committee accounts (SB 303, HB 5318).
Representatives of Connecticut banking and credit‑union interests told the committee they broadly back modernization to align state branch rules with recent FDIC changes but urged caution before imposing product mandates on small institutions.
Tom Mangelo of the Connecticut Bankers Association told the panel that SB 302 would synchronize state law with recent FDIC adjustments to branch applications and reduce duplicative filings while preserving the commissioner’s oversight. "It really syncs up what the FDIC has done," he said, describing the change as a modest…
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