REGULATING AGENCY: State of Connecticut Department of Banking; Financial Institutions Division
- Jorge Perez, Banking Commissioner
- Mary Ellen O’Neill, Division Director
- Website: portal.ct.gov/DOB/Credit-Union-Information/Credit-Union-Information/Credit-Union-Information
LEAGUE: Credit Union League of Connecticut
PRIVATE SHARE INSURANCE: No
STATS: (As of June 2021)
Total Number of Credit Unions: 88
- TOTAL # SCUs: 28
- TOTAL # FCUs: 60
- SCU % OF TOTAL (SCUS #/STATE TOTAL #): 32%
Total Assets: $13,951,896,245
- TOTAL $ SCU ASSETS: $8,760,305,173
- TOTAL $ FCU ASSETS: $5,191,591,072
- SCU % OF TOTAL ASSETS (SCUS $/STATE TOTAL $): 63%
Total Members: 933,697
- TOTAL Members SCUs: 530,537
- TOTAL Members FCUs: 403,160
- SCU % OF TOTAL (SCUS/STATE TOAL): 57%
FUN FACT:The first phone book was published in New Haven in February 1878, containing just 50 names. Similarly, Connecticut’s Hartford Courant is the country’s oldest continuously published paper.
August 17, 2021 — Credit Unions (CUs) have found that their members are requesting the ability to communicate via text messaging. In doing so, CUs have also found it to be very efficient and effective, in turn, providing a better member experience, streamlining operations and enhancing the bottom line. How is texting different?
95% of texts are opened within 90 seconds and responded to in 3 minutes of being received.
Texting can increase customer engagement by 800%+
90% of customers prefer text messaging over phone calls
When deploying texting, CUs should be aware of the best practices, regulations and how to best use the technology for each particular use case, whether it be marketing, lending, collections, member services, etc…
Credit unions, which operate under the most stringent regulations in the world, need to be aware of how to use texting safely, securely and efficiently. Here are the top three tips to be aware of when implementing an enterprise text messaging solution.
1. SMS/MMS is Unencrypted.
Texts are sent using a technology called SMS (Short Message Service) and picture Texts are sent using a technology called MMS (Multimedia Media Service). Both SMS and MMS are unencrypted. Here is an article by Apple which explains this further.
As consumers, we often text pictures to each other without thinking twice about the security of the text and/or picture.
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