Local
Sen. Duff designates Norwalk resident to serve on new lending commission
By Senator Duff's office
Jul 30, 2008 - 9:57:06 AM

Will evaluate subprime lending impact in state, make recommendations

State Senator Bob Duff (D-Norwalk), Senate chair of the General Assembly’s Banks Committee, today announced that Norwalk resident Larry Bentley will serve as his designee on a new 13-member commission to study subprime and nontraditional lending in Connecticut.

Created by Public Act 08-176, An Act Concerning Responsible Lending and Economic Security, the 13-member Commission on Nontraditional Loans and Home Equity Lines of Credit will determine the number of Connecticut homeowners who have nontraditional loans and home equity lines of credit and how many are in default, have been affected by foreclosure action, or are likely to face action over the next four years.

“This commission will set the stage for future action in the legislature to mitigate the negative effects of nonprime and predatory lending,” Senator Duff said. “The commission has a lot of work and a difficult task in front of it, and I feel confident that Larry Bentley’s experience and expertise will be an asset to this group. Larry has been an active member of the business community in Norwalk for decades and has worked inside the financial sector for even longer. I’m very pleased to name him as my designee and look forward to the recommendations he and the commission bring to the Banks Committee.”

Bentley is a business development officer at Patriot National Bank with more than 40 years of progressive management experience in consumer and commercial lending and bank management. He serves as a director for the United Way of Norwalk and Wilton; Workplace, Inc.; the Mutual Housing Association of Southwestern Connecticut and the George Washington Carver Foundation of Norwalk. Additionally, he is on the Small Business Council of the Norwalk Chamber of Commerce, serves as vice chairman of the Norwalk Housing Partnership and is a zoning commissioner for the City of Norwalk.

The commission will also identify what types of loans pose a high risk of default or foreclosure, what characteristics or features of nontraditional loans are possible factors in defaults or foreclosures, and under what circumstances nontraditional loans are appropriate for borrowers. The commission will report its findings and any recommendations to the Banks Committee by January 1, 2009.

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