2012 Connecticut General Statutes
Title 36a - The Banking Law of Connecticut
Chapter 664a - Administration and Enforcement
Section 36a-59 - Authority of commissioner to enter into stipulations, agreements, memoranda of understanding and consent orders and issue preliminary warning letters.

(a) The commissioner may enter into one or more stipulations and agreements, memoranda of understanding or consent orders with a Connecticut bank, either alone or in conjunction with the Federal Deposit Insurance Corporation, a Federal Reserve Bank or their successor agencies, or may enter into one or more letters of understanding and agreement, memoranda of understanding or consent orders with, or issue preliminary warning letters to, a Connecticut credit union or Connecticut credit union service organization, either alone or in conjunction with the National Credit Union Administration or its successor agency, if the commissioner finds as a result of an examination or investigation that the Connecticut bank, Connecticut credit union or Connecticut credit union service organization: (1) Has failed to file a report when due, (2) is insolvent, (3) has violated any provisions of the general statutes within the jurisdiction of the commissioner, or any regulation, rule or order adopted or issued thereunder, or (4) has engaged or participated in, or is engaging or participating in, any unsafe and unsound practice.

(b) The commissioner may enter into cooperative, coordinating or information-sharing agreements with any other state or federal supervisory agency or any organization affiliated with or representing such supervisory agency with respect to the examination, examination fees or other supervision of any person subject to the provisions of sections 36a-485 to 36a-810, inclusive. Any such agreement may include provisions concerning the assessment or sharing of fees for such examination or supervision.

(P.A. 02-73, S. 5; P.A. 03-84, S. 44; P.A. 08-176, S. 79; P.A. 11-50, S. 2.)

History: P.A. 03-84 changed “Commissioner of Banking” to “commissioner”, effective June 3, 2003; P.A. 08-176 designated existing provisions as Subsec. (a) and added Subsec. (b) re cooperative, coordinating or information-sharing agreements, effective July 1, 2008; P.A. 11-50 amended Subsec. (a) to add provisions re entering into consent orders and issuing preliminary warning letters and to add reference to Federal Reserve Bank, effective June 13, 2011.