Advantages of a State Credit Union Charter
Credit Union Charter Conversions | Organizing a Credit Union
Experienced, Accomplished Agency
The Department's Financial Institutions Division is staffed with expert, skilled examiners who have an average of 19 years of regulatory experience. They understand the credit union industry and recognize the vital role it plays in the Connecticut financial marketplace.
The Department of Banking has been accredited by the National Association of State-Chartered Credit Union Supervisors (NASCUS) since 1990. Accreditation is given to state supervisory agencies who can demonstrate they meet strict standards of comprehensive regulation supported by sound policy and capable examiners. Connecticut was the third state, and is presently one of only 28, in the country to earn this honor.
Local, Open Door Access
As a state-chartered credit union, when you need to speak with an official of the department, you can immediately reach Jorge Perez, Banking Commissioner, or contact key personnel of the Financial Institutions Division. The department is conveniently located in Hartford, a short drive from any city or town within Connecticut.
Progressive, "Business Friendly" Regulation
The department undertakes every effort to be both flexible and progressive in resolving issues for the credit union industry, or for an individual credit union. There are no rigid "one size fits all" policies.
The agency instituted a risk focused examination process during 2000, and examiners now scope examinations well in advance of their commencement and focus on those areas considered to involve significant levels of risk. This approach enables examiners to optimize their time onsite and analyze how individual credit unions are identifying and managing the risks being undertaken. This effective approach is used by nearly all bank regulatory agencies and is being adopted nationally by state credit union regulators.
One of the most critical issues to the health and vitality of credit unions is the ability to service their field of membership and, when possible and appropriate, to expand by adding special employee groups (SEG's) or expanding their market area more significantly and becoming a community credit union. The Banking Commissioner has allowed several state-chartered credit unions to expand to community charters, which allows for additional growth and service to a much larger field of membership.
Lower Cost
The annual assessment levied on Connecticut state-chartered credit unions is significantly lower than the fees charged by the National Credit Union Administration. In spite of the low cost, the department provides comprehensive and reasonable regulation to the credit unions under its jurisdiction.
The Banking Commissioner is committed to providing the supervision and statutory powers necessary to enable Connecticut chartered credit unions to remain vibrant and provide a high level of service to their members.