Political Review: Commentary

See: Tax Status Update: July 2013

Foreclosure Mediation Process: February 2013

The Connecticut State General Assembly held a hearing on Tuesday, February 19, 2013, on a bill that, if passed, would add unnecessary levels of mandated bureaucracy in the foreclosure and mediation process.

The League testified on behalf of the 125 state and federally chartered credit unions that would be affected if the legislation passes in its current form. The bill was introduced to attempt to make the changes in the mediation process in foreclosures, one of which will extend the process.

The bill prescribes certain actions that may hinder the processes already used by credit unions as they diligently work to help their members remain in their homes,” said Emerson. “In addition, there may be ‘unintended consequences’ in the form of added provision expenses, resulting in unnecessary incurred expenses that would further deteriorate the bottom lines of a fragile, but slowly recovering industry. As a result of testimony at the hearing the committee is looking at ways to amend the legislation.

This is only one of the many bills that we are avidly watching on the behalf of our state and federally chartered credit union in the CT General Assembly.

Banks Committee Leadership: January 2013

The Connecticut state legislature has convened with their adjournment date set for June 9th. There are many changes in leadership, and legislators have many weighty issues to tackle, including a budget deficit, gun control, mental illness, and more.

In the midst of these important issues the Banks Committee has also seen some leadership and membership changes. We will be working with these members on many issues, including a measure to modernize the public deposits statutes that we have been working on with the Department of Banking for many months.

There are eighteen members of the Banks Committee. Following are the leaders of the committee for the 2013 legislative session:

Senator Carlo Leone (Chair), 27th District

Carlo Leone was elected in a special election on February 22, 2011 to represent the citizens of the 27th Senate District towns of Stamford and Darien.

Representative William Tong (Chair), 147th District

William Tong is honored to serve the 147th District, representing parts of Stamford and New Canaan. Geographically it is the largest district in Stamford and includes Westover, North Stamford, Scofieldtown, as well as the western side of New Canaan.

Senator Joseph Crisco (Vice Chair), 17th District

Joe Crisco was first elected to the Connecticut State Senate in November of 1992, and represents Ansonia, Beacon Falls, Bethany, Derby, Hamden, Naugatuck, and Woodbridge.

Senator Art Linares, (Ranking Member), 33rd District.

Art Linares is state senator for the 33rd Senate District, which encompasses the towns of Chester, Clinton, Colchester, Deep River, East Haddam, East Hampton, Essex, Haddam, Lyme, Old Saybrook, Portland, and Westbrook.

Representative Geoff Luxenberg (Vice Chair), 12th

Geoff Luxenberg was elected to the Connecticut General Assembly in 2010 representing the 12th Assembly District in Manchester.

Representative Mike Alberts (Ranking Member), 50th District

Mike Alberts was first sworn-in as state representative for the 50th district in January 2005 and serves Brooklyn, Eastford, Pomfret, Union, and Woodstock.