The General Assembly Raised Bill No. 302 aims to revise provisions related to approvals by the Banking Commissioner and the application process for Connecticut bank branches. Key changes include the repeal of certain subsections of existing law, specifically subsection (b) of section 36a-34 and subsection (n) of section 36a-145, which are replaced with new language that emphasizes the importance of community reinvestment performance evaluations. The bill stipulates that the commissioner will not grant approvals unless the entity demonstrates compliance with federal Community Reinvestment Act (CRA) requirements and has a satisfactory record of providing adequate banking services to low- and moderate-income residents. Additionally, the bill introduces a new requirement for public notice and comment periods for plans submitted by applicants, ensuring community input in the approval process.

Furthermore, the bill modifies the timeframe for application approvals, changing the approval timeline from the twelfth to the fifth business day after the comment period, unless the commissioner raises concerns that necessitate further review. The bill also clarifies that applications from eligible entities will be automatically approved unless specific adverse comments or significant concerns are raised. Overall, the revisions aim to enhance transparency, community engagement, and compliance with consumer protection laws in the banking sector.