OLR Bill Analysis

SB 888

AN ACT CONCERNING CREDIT UNION SHARED SERVICE CENTERS

SUMMARY:

This bill expands the definition of a credit union branch to include offices established by (1) out-of-state, federally or state-chartered credit unions and (2) federal credit unions, in addition to Connecticut credit unions. It also includes in this definition offices operated as "shared service centers. " The bill defines a "shared service center" as a branch established by any combination of (1) Connecticut credit unions; (2) out-of-state, federally or state-chartered credit unions; or (3) federal credit unions, that provide credit union members with the same services they could receive at their own credit union's main office.

EFFECTIVE DATE: October 1, 2003

COMMITTEE ACTION

Banks Committee

Joint Favorable Report