The General Assembly Raised Bill No. 5318, effective October 1, 2026, mandates that banking institutions must offer candidate committee banking accounts to candidate committees. A candidate committee banking account is defined as a consumer transaction account primarily used for the purposes of a candidate committee. The bill outlines the necessary features that these accounts must provide, including a debit card, ATM in-network access, deposits, check cashing for checks issued by the banking institution, and electronic monthly statements. However, it does not require banks to offer additional features such as enhanced interest rates or rewards programs.

To open a candidate committee banking account, a banking institution must receive a properly stamped "Registration by Candidate" form from the State Elections Enforcement Commission, along with proof of a federal employer identification number. Additionally, the Banking Commissioner is tasked with evaluating the performance of Connecticut banks and credit unions in relation to their obligations under the law, providing credit for those that offer candidate committee banking accounts. The Commissioner, in consultation with the State Elections Enforcement Commission, is also authorized to adopt regulations to implement this section.