On Feb. 27, CT LEG bill on banking consumer protection enforcement.
CT LEG held a public hearing on SB 121 on banking consumer protection reforms.
CT AG testified in support of expanded authority regarding civil enforcement actions.
Consumer Protection Reforms
Established procedures for AG to enforce critical provisions of the federal Consumer Financial Protection Act (CFPA) (12 USC 5531), part of Dodd-Frank act (PL 111-203).
Would authorize AG to conduct investigations of alleged deceptive and anti-consumer practices, AG would be able to enforce CFPA protections against banks in other States.
AG could issue a subpoena requiring documentation in writing or a court appearance.
If person refused to comply with subpoena, order may be issued to compel response or may require the person to pay to the state a civil penalty in no more than $10k.
Any documents given to AG will be returned or erased once investigation is complete.
AG may also disclose data received for any purpose, including re the civil action, will use safeguards designed to prevent further dissemination of the confidential material.
Legislative History
On Feb. 27, 2024, held a public hearing on SB 121; bill is pending Legislative review.
Effectiveness
Upon governor approval, bill SB 121 provisions become effective on Oct. 1. 2024.
May 2024 CT LEG Bill Update
On May 22, 2024, CT LEG reported bill delivery to governor, pending signature/veto.
This action follows May 17, 2024 bill assigned Public Act 24-75, effective Oct. 1, 2024.
May 30, 2024 CT LEG Governor Approval
On May 30, 2024, CT LEG reported governor approved bill, Public Act 24-75.
Regulators
CT AG; CT LEG
Entity Types
Bank; CNSM; Thrift
Reference
Act 24-75, Bill SB121, 5/30/2024; Bill SB121, 5/22/2024; Act 24-75, 5/17/2024; Bill SB121, PR, Sp, 2/27/2024; Law 111-203, 7/21/2010; DFA; CFPA; Citation: CT LEG 35-3-129e; PL 111-203; 12 USC 5531;
