House Bill No. 6687, introduced in the January Session of 2023 and reported favorably by the Banking Committee, is an act concerning financial institutions. The bill mandates that the Department of Banking conduct a study on financial institutions within the state. The Department is required to submit a report on the results of this study to the joint standing committee of the General Assembly that oversees matters related to banking by January 15, 2024. This bill includes a new section, marked by the insertion "Section 1 from passage New section," indicating that this requirement is a new addition to the state's statutes.

The fiscal impact statement attached to the bill clarifies that there will be no state or municipal fiscal impact as a result of this bill. This is because the Department of Banking already possesses the necessary expertise to fulfill the study and reporting requirements without incurring additional costs. The bill analysis by the Office of Legislative Research does not provide an analysis of Special Acts, but it does confirm the committee's joint favorable decision with a vote of 12 in favor and none against. The insertions in the bill are marked as "HB6687 File No. 164," which is the file number for this specific legislative document.