House Bill No. 6989 mandates the Department of Banking to conduct a study on financial institutions within the state. The bill requires the department to submit a report detailing the findings of this study to the joint standing committee of the General Assembly that oversees banking matters by January 15, 2026. The new legal language introduced in this bill includes the establishment of a new section that outlines the requirements for the study and the reporting timeline.

The bill is designed to have no fiscal impact on the state or municipalities, as the Department of Banking possesses the necessary expertise to carry out the study without incurring additional costs. The bill received unanimous support from the Banking Committee, indicating a strong consensus on the importance of examining the state's financial institutions.