The General Assembly Raised Bill No. 1255 aims to redefine the terms "community bank" and "community credit union" within the context of the community bank and community credit union investment program established by the State Treasurer. The bill proposes to repeal the existing definition of "community bank," which currently includes banks and trust companies, savings banks, or savings and loan associations chartered in the state, and replace it with a broader definition that includes out-of-state banks as defined in section 36a-2.

Additionally, the definition of "community credit union" is updated to specify that it refers to Connecticut credit unions or federal credit unions, also as defined in section 36a-2, rather than the previous, more detailed description of cooperative, nonprofit financial institutions. These changes are set to take effect on July 1, 2025, and are intended to modernize and clarify the eligibility criteria for participation in the investment program.

Statutes affected:
Raised Bill: 3-24j