President's Message

The 2022 legislative session of the Connecticut General Assembly is quickly winding down. And for many dedicated advocates, not a moment too soon. At the stroke of midnight on May 4, the gavel will bang and the session will adjourn “Sine Die” (literally ‘without a day’). Yesterday, however, was full of activity and the League, as they say at your favorite restaurants, was… “fully committed.”

While the legislature was debating a slew of unrelated bills, a large group of stakeholders were hotly debating language on a bill to permit remote electronic notarization in Connecticut. The general business community (such as the insurance industry) and the wills and trust section of the Connecticut Bar Association had settled on language months ago, but the real estate section and the title insurers found themselves facing the risk of being excluded from this technology. Credit unions and banks along with the realtors have been working for at least two years to bring this technology to Connecticut but, the real estate attorneys and title insurers have refused to agree to it. That is, unless they get to be the only ones who can use the technology.

Under current Connecticut law, only attorneys can perform real estate closings or sell title insurance. Apparently, these folks felt that their statutory monopoly was at risk, so they argued that only Connecticut licensed attorneys—while physically located in Connecticut—should be permitted to perform remote notarizations. Having been stymied on some earlier versions of proposed statutory language they were informed that their bill would die. At the very last minute yesterday, the bar association submitted some new language that they claimed would be acceptable. I’ll give you one guess whether credit unions were consulted…     

All this happened while the League was sitting down with Commissioner Perez, Mary Ellen O’Neil, and other Department of Banking staff for a CEO roundtable to discuss a wide-ranging set of topics including the current state of cannabis banking, overdraft protection, and other regulatory issues. I sent a few angry texts during the roundtable (risking being perceived as rude) and communicated that credit unions were surprised, had not read the new language completely and we were totally against these 11th hour shenanigans. The bill was dead, revived for a brief moment, and Connecticut’s Credit Unions helped nail the coffin shut for good.

All in a day’s work in the last week or so of a legislative session. As always, your League stands a sentinel watch and remains ready, willing and able to jump into action to protect your interests.

As is my tradition on the day after the session, I will be watching the Godfather, perhaps one of the best political movies of all time. All are welcome to join me for a watch party.

As always,
Bruce

P.S. Mary Ellen O’Neil announced her upcoming retirement at our roundtable yesterday. Please join the League in congratulating her and sending best wishes!