NewHavenBIZ

n e w h a v e n b i z . c o m | J a n u a r y 2 0 2 3 | n e w h a v e n B I Z 7 CONNECTICUT HOSPITALS: STANDING READY TO THE LEADERSHIP AND TEAMS AT CONNECTICUT'S HOSPITALS AND HEALTH SYSTEMS. YOU CONTINUE TO PROVIDE EXCEPTIONAL CARE TO PATIENTS ACROSS CONNECTICUT, DELIVERING NEW AND INNOVATIVE TREATMENTS WHILE STAYING READY TO RESPOND TO EMERGENCIES, LARGE AND SMALL. PROFOUND TH ANKS sure folks are aware of this and try to attract them to the industry. What regulatory changes would you like to see at the state and federal level? At the federal level, one that keeps popping up is the Community Reinvestment Act, (which requires regulators to encourage financial institutions to help meet credit needs in their communities, including for low- and moderate-income areas.) Certainly more clarity. And making sure that all the prudential regulators, such as the Federal Deposit In- surance Corporation, Office of the Comptroller of the Currency, and others are all on the same page. at has been a sort of gray area. It came into existence in the 70s, and they have tried to modernize it, to make sure it is applicable for the mobile world. B y T h e N u m b e r s $1.6 billion Small business loans by CT banks in 2021 $4.4 billion Residential mortgage-related loans by CT banks in 2021 $10.1 billion Commercial loans to businesses by CT banks in 2021 $21.4 million Charitable donations by CT banks in 2021 Source: Connecticut Bankers Association Fintechs are looking to do things in the banking space. We want to make sure they are held to the same standards that banks are, as far as regulatory oversight. We are looking to partner, not necessarily com- pete. at one is always on the radar because — we just want a level playing field. If you are in banking, you are in banking. Cryptocurrency is something that is facing every- body. We don't have a position on it per se at the CBA. Everybody, I believe, endorses the technology behind it. When you look at the recent failure of (defunct cryptocurrency company) FTX Trading Ltd. — a lot of people lost their life savings in a heartbeat. Banking is safe and sound if there is regulatory oversight. We would like to see a level playing field and the right balance of regulation and oversight to make sure customers, people are protected. Is the pandemic still impacting banks? All member banks are looking at trying to keep the positives. We never met (virtually) like this before — whether it is Teams or Zoom. ere are certain efficien- cies, but also the flip side, I like to say, "You can't Zoom culture." We at GSB are still hybrid, and we think that works. We want to make sure culture is protected and nurtured. As for COVID, we don't have our end report card yet. I think banks fared very well throughout that, some better than others. ere is some permanence to aspects of what that created. Another positive is how it accelerated banks' trans- formation. We had to be there for the customers, and certainly their needs and desires changed. It is definitely more mobile, digital and virtual, but they still want to come into the branches. n

• Cover