Banks Committee Announces Priorities for 2007 Legislative Session
Committee will focus on consumer protection issues.
by State Sen. Bob Duff
Jan. 25, 2007

State Senator Bob Duff (D-Norwalk) and state Representative Ryan Barry (D-Manchester), co-chairs of the Connecticut General Assembly's Banks Committee, today announced the committee's priorities for the legislative session.

"The committee's goals this year are to increase consumer protections within the scope of the banking industry," said Senator Duff. "Choice, transparency, and honesty are our overall goals, as is evident in the legislation we're proposing. The state of the banking industry and the laws governing it play an enormous role in people's finances, which directly impacts our livelihoods, our families, and our peace of mind. The committee's priorities this year are geared toward the consumer and protecting the consumer's interests."

Representative Barry stated, "I think this committee has an obligation to do its best to protect consumers, especially consumers' privacy rights. The committee should play a role in helping to provide affordable housing and to make sure, especially for small businesses, that there is ready access to capital to create jobs."

The Banks Committee's legislative priorities this session include:

• Legislation to either restrict or prohibit payday loans.
• Legislation to prohibit consumers' financial data from being sold by credit reporting agencies to mortgage "marketing lead" firms.
• An act requiring that all automated teller machines (ATMs) and satellite devices in the state be equipped with a reverse personal identification number (PIN) warning safety system, which allows a user to enter their PIN number into the machine in reverse order in the case of robbery or emergency to alert law enforcement authorities.
• Legislation to extend the state tax benefits of the Connecticut Higher Education Trust (CHET) to all qualified federal 529 plans for college saving.

Requiring reporting of hedge fund activity relevant to pension funds to the Department of Banking to increase responsibility and transparency of the institution.

Joint creation of a plan to promote the economic revitalization of cities in the state by the banking commissioner, the labor commissioner, the commissioner of economic and community development, the Connecticut Development Authority, and the Connecticut Housing Finance Authority.

The Banks Committee legislates on all matters related to banks, savings banks, trust companies, savings and loan associations, credit unions, the supervision of the sale of securities, and all legislation dealing with secured and unsecured lending.

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