To protect the health and safety of the public and our employees, the Department of Banking has limited the number of employees at our office at 260 Constitution Plaza in Hartford. When contacting the Department, please use electronic communication whenever possible. Consumers are encouraged to use our online form for complaints. If you are unsure where to send an inquiry, you may send it to Department.Banking@ct.gov and it will be routed appropriately. Thank you for your patience during this time.

The Department of Banking News Bulletin 

Bulletin # 3067 - Week Ending December 2, 2022

This bulletin constitutes the only official notification you will receive from this office concerning any of the following applications.  Any observations you may have are solicited.  Any comments should be in writing to Jorge L. Perez, Banking Commissioner, Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800.  Written comments will be considered only if they are received within ten business days from the date of this bulletin.

 

DEPOSIT INDEX AND INTEREST RATES

Pursuant to Section 36a-26 of the Connecticut General Statutes, the Commissioner has determined the deposit index for the calendar year 2023 to be 0.27%.

These rates are for the period commencing January 1, 2023 and ending December 31, 2023.

Calendar Year 2023
Account Statutory Reference Interest
Rate
Rental security deposits
47a-21(i) 0.27%
Claims for property, funds, or
money delivered to the State Treasurer
3-70a(e) 0.27%
Mortgage escrow accounts
49-2a
(section requires that the interest rate be not less than the deposit index, rounded to the nearest one-tenth of one percentage point)
0.3%
Public service company, certified telecommunications provider and electric supplier customer security deposits
16-262j(c)
(section requires that the interest rate be not less than the higher of the deposit index, rounded to the nearest one-tenth of one percentage point,
or 1.5%)
1.5%
 

PLEASE NOTE: The interest rates provided herein are done as a convenience to the public; the Commissioner has no authority to establish interest rates beyond what is provided in statute. Accordingly, parties required to pay interest under these sections must ensure compliance with the applicable statute(s). 
  

OTHER FINANCIAL INSTITUTION ACTIVITY

Foreign Bank Representative Office

On November 28, 2022, the Commissioner issued a license to MUFG Bank, Ltd., a foreign banking organization headquartered in Tokyo, Japan, to establish and maintain a representative office at 83 Wooster Heights Road, Danbury, CT 06810 pursuant to Section 36a-428g of the Connecticut General Statutes. The office opened on December 1, 2022.
  

      Dated:  Tuesday, December 6, 2022

      Jorge L. Perez
      Banking Commissioner