Substitute House Bill No. 5318 mandates that, starting October 1, 2026, certain banking institutions, excluding credit unions with total assets of less than $50 million, must offer "committee banking accounts" to candidate committees, party committees, and political committees. These accounts are defined as consumer transaction accounts primarily used for the financial activities of these committees. To open such an account, individuals must present a State Elections Enforcement Commission (SEEC) Form 1, 2, or 3 that has been filed with the SEEC or a town clerk, along with proof of a federal employer identification number. The bill specifies that these accounts must provide essential features such as a debit card, ATM access, deposits, check cashing, electronic monthly statements, and copies of canceled checks and deposit slips, but does not require additional features like enhanced interest rates or rewards programs.

Additionally, the bill allows the Banking Commissioner to credit Connecticut banks and credit unions for offering these accounts when assessing their performance under the state Community Reinvestment Act. The Commissioner is also authorized to adopt regulations in consultation with the SEEC to implement the bill's provisions. The legal language inserted into the bill includes definitions for terms such as "banking institution," "candidate committee," and "committee banking account," while no deletions from current law are specified. The bill is expected to have no fiscal impact on the state or municipalities.