Connecticut
Connecticut State Capitol
BENEFITS OF THE CONNECTICUT STATE CHARTER (View/download PDF)
REGULATING AGENCY: State of Connecticut Department of Banking; Financial Institutions Division
- Jorge Perez, Banking Commissioner
- Danzel Palmer, Director, Financial Institutions Division
- Website: portal.ct.gov/DOB/Credit-Union-Information/Credit-Union-Information/Credit-Union-Information
ACCREDITED: 1990
LEAGUE: Credit Union League of Connecticut
- Bruce Adams, President/CEO
- Website: culct.coop
PRIVATE SHARE INSURANCE: No
2023 STATS
- Largest SCU: AMERICAN EAGLE FINANCIAL $2.59B in assets
- Largest FCU: CHARTER OAK FCU $1.53B in assets
| Second Quarter 2023 | SCUs | FCUs | Total CUs | % of SCUs/Total |
|---|---|---|---|---|
| Total Credit Unions | 27 | 52 | 79 | 34.18% |
| Credit Union Members | 552,121 | 396,666 | 948,787 | 58.19% |
| Credit Union Assets | $9.44B | $5.40B | $14.83B | 63.61% |
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
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