Connecticut

Connecticut State Capitol

 BENEFITS OF THE CONNECTICUT STATE CHARTER (View/download PDF)

REGULATING AGENCY: State of Connecticut Department of Banking; Financial Institutions Division

ACCREDITED: 1990

LEAGUE: Credit Union League of Connecticut

PRIVATE SHARE INSURANCE: No



2023 STATS 
  • Largest SCU: AMERICAN EAGLE FINANCIAL CU $2.7B in assets
  • Largest FCU: CHARTER OAK FCU $1.55B in assets
Fourth Quarter 2023 SCUs FCUs Total CUs % of SCUs/Total
Total Credit Unions 26 50 76 34.21%
Credit Union Members 0.57M 0.39M 0.96M 59.04%
Credit Union Assets $9.67B $5.27B $14.95B 64.73%


FUN FACT

The first law regulating the speed of motor vehicles was created in this state in 1901. The first speed limit was 12 miles per hour.


RECENT NEWS
Connecticut Department of Banking Issues Guidance on Small Loan Rules

Sept. 15, 2023 — One of the key changes brought about by the new regulation is an increase in the dollar limit of small loans subject to regulatory requirements. Previously, the limit stood at $15,000, but it has now been raised to $50,000, according to the guidance. In another change, to accurately reflect the total cost of credit for borrowers, the calculation of the Annual Percentage Rate (APR) for small loans will now be based on the Military Lending Act (MLA), replacing the federal Truth-in-Lending Act (TILA). Read more


Story Archive

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