May 15, 2024

Banking Commissioner Jorge Perez Announces the Opening of a Request for Information Concerning New Bank Application Feasibility Studies 

HARTFORD - Banking Commissioner Jorge Perez announces the opening of a Request For Information (RFI) which seeks to expand the Department’s approved list of firms to perform independent feasibility studies for applicants to its banking charters. 

Connecticut law requires companies applying for a Connecticut banking charter obtain a feasibility study, consisting of a three (3) year financial forecast of their business, prepared by an independent certified public accounting firm or other professional firm designated by the Banking Commissioner. During the application process the Commissioner selects a firm from the Department’s list of approved firms to perform the feasibility study for the charter applicant. The firm then enters into a contract directly with the charter applicant for the preparation of the feasibility study. This RFI seeks to expand the list of approved firms. 

“The Department has continued to see increased interest in its banking charters, and a subsequent need to expand our list of firms approved to perform these required feasibility studies” said Banking Commissioner Jorge Perez. “This is an encouraging sign that Connecticut is becoming a destination of choice for fintech companies and other innovative banking and financial services.”

Requested information, among other items, includes a brief description of the firm, its presence in Connecticut, its employee composition as well as resume and background for individuals who would be assigned to conduct the study. In addition, firms are asked to provide their experience with Connecticut banking law and regulations and the disclosure of any lawsuits the firm may be involved with. 

Applications will be evaluated based on: qualifications of personnel; banking regulatory experience; experience with traditional depository institutions and fintech; prior experience preparing and analyzing financial statements; possessing a well-rounded team comprised of various professional backgrounds necessary to conduct the feasibility study, including, but not limited to, Bank Secrecy Act compliance, IT risk assessment, and accounting.

Interested firms may find the application on the Department of Administrative Services website, type DOB-1011 in the search field at the top of the page.

Media Contact

Matt Smith
matthew.smith@ct.gov
203-996-1241 (cell)