Section 36a-34-3 - Submissions concerning community reinvestment act compliance, consumer protection law compliance and community reinvestment plan required in connection with the acquisition of beneficial ownership of voting securities of banks and holding companies(a) In connection with any acquisition statement filed pursuant to section 36a-184 of the Connecticut General Statutes:(1) If the acquiring person is a holding company, the acquiring person shall submit to the commissioner to the extent applicable, except as waived by the commissioner, the following information regarding the acquiring person's subsidiaries: (A) A copy of the subsidiaries' most recent Federal CRA performance evaluation including the composite Federal CRA rating;(B) Copies of any decision or order issued during the last two years by any federal financial supervisory agency concerning the subsidiaries' compliance with Federal CRA;(C) An opinion of counsel addressing the subsidiaries' record of compliance with applicable consumer protection laws during the last two years, if requested by the commissioner in any case where the commissioner is unable to determine such record of compliance based on state or federal reports of examination prepared within the last two years and other documentation filed by the acquiring person, or is not satisfied with the contents of such reports and documentation; and(D) Copies of any administrative or judicial decision or order concerning the subsidiaries' compliance with applicable consumer protection laws.(2) If the acquiring person is a bank or out-of-state bank, the acquiring person shall submit to the commissioner to the extent applicable, except as waived by the commissioner, the following information in addition to any information required by subdivision (1) of this subsection:(A) A copy of the acquiring person's most recent Federal CRA performance evaluation including the composite Federal CRA rating;(B) Copies of any decision or order issued during the last two years by any federal financial supervisory agency concerning the acquiring person's compliance with Federal CRA;(C) An opinion of counsel addressing the acquiring person's record of compliance with applicable consumer protection laws during the last two years, if requested by the commissioner in any case where the commissioner is unable to determine such record of compliance based on state or federal reports of examination prepared within the last two years and other documentation filed by the acquiring person, or is not satisfied with the contents of such reports and documentation; and(D) Copies of any administrative or judicial decision or order concerning the acquiring person's compliance with applicable consumer protection laws.(b)(1) Except as otherwise provided in this subsection, if (A) the acquiring person is not a natural person or the acquiring person is a natural person who would be the beneficial owner of twenty-five per cent or more of any class of voting securities of the bank or holding company referred to in the acquisition statement, and (B) the bank or any banking subsidiary of the holding company received any overall rating other than an assigned rating of "outstanding" on its most recent applicable community reinvestment performance evaluation, the acquiring person shall submit to the commissioner a written plan detailing the manner in which such bank or such holding company's banking subsidiaries in this state will provide adequate services to meet the banking needs of all community residents, including low-income residents and moderate-income residents, to the extent permitted by its charter or their charters.(2) Unless clearly inapplicable, the plan shall: (A) Identify any specific unmet credit and consumer banking needs in the local community that are known to such bank or banking subsidiaries or to the acquiring person, and specify how such needs will be satisfied; (B) describe the proposed distribution of banking services among branches and satellite devices located in low-income neighborhoods; (C) contain assurances that banking services will be offered on a nondiscriminatory basis; (D) demonstrate a commitment to extending credit for housing, small business and consumer purposes in low-income neighborhoods; and (E) contain any other factors required by the commissioner.(3) The plan may consist of or incorporate any document or combination of documents that satisfy the criteria set forth in subdivision (2) of this subsection, including, but not limited to: (A)(i) Such bank's or such banking subsidiaries' most recent State CRA performance evaluation or Federal CRA performance evaluation, or both, if prepared within the last two years and the bank or banking subsidiary received a composite rating of "satisfactory" or higher, (ii) such bank's or such banking subsidiaries' current or proposed community reinvestment statement or policy, and (iii) written assurances of the governing board or management committee or executive officers appropriately designated by the governing board, of such bank or such banking subsidiaries that such bank or banking subsidiaries will continue to provide adequate services to meet the banking needs of all community residents, including low-income residents and moderate-income residents, as described in the performance evaluation or evaluations and the community reinvestment statement or policy; or (B) if acceptable to the commissioner, such bank's or such banking subsidiaries' currently effective strategic plan, or the relevant portion thereof, prepared and approved under applicable provisions of Federal CRA and State CRA. The plan shall adequately identify the provisions contained in any such document or combination of documents that correspond to the criteria set forth in subdivision (2) of this subsection.(4) If the acquiring person is not a natural person, the plan shall be certified by the secretary of the acquiring person as having been duly adopted by the governing board or management committee or executive officers appropriately designated by the governing board, of the acquiring person by vote of at least a majority of all the members thereof. If the acquiring person is a natural person who would be the beneficial owner of twenty-five per cent or more of any class of voting securities of the bank or holding company referred to in the acquisition statement, the plan shall be signed by the acquiring person.(5) In connection with any plan submitted or to be submitted under this subsection, the acquiring person shall file with the commissioner a preliminary draft of the legal advertisement required by subsection (c) of section 36a-34 of the Connecticut General Statutes. The acquiring person shall not publish such legal advertisement in accordance with subsection (c) of section 36a-34 without the prior review and verbal concurrence of the commissioner. No such legal advertisement shall be published unless the plan to which it pertains has been filed with the commissioner.(c) If the acquiring person is a natural person who would be the beneficial owner of less than twenty-five per cent of all classes of voting securities of the bank or holding company referred to in the acquisition statement and such bank or any banking subsidiary of such holding company received any overall rating other than an assigned rating of "outstanding" on its most recent applicable community reinvestment performance evaluation, in lieu of the plan required by subsection (b) of this section, the acquiring person shall submit to the commissioner a written statement expressing the commitment of the acquiring person to use the acquiring person's best efforts to cause the bank or the banking subsidiaries of the holding company referred to in the acquisition statement to provide adequate services to meet the banking needs of all community residents, including low-income residents and moderate-income residents, to the extent permitted by its charter or their charters. The statement shall be signed by the acquiring person.(d)(1) In any case where the bank referred to in the acquisition statement is not subject to the requirements of Federal CRA and State CRA, and the commissioner determines that such bank is not authorized by its charter to provide consumer banking services, the commissioner may waive the submission of a plan under subsection (b) of this section or the submission of a statement under subsection (c) of this section. (2) In any case where a banking subsidiary in this state of the holding company referred to in the acquisition statement is not subject to the requirements of Federal CRA and State CRA, and the commissioner determines that such banking subsidiary is not authorized by its charter to provide consumer banking services, the commissioner may waive the submission of a plan under subsection (b) of this section or the submission of a statement under subsection (c) of this section with respect to such banking subsidiary.Conn. Agencies Regs. § 36a-34-3
Adopted effective January 29, 1999