TRUMBULL, Conn.–A credit union here with fewer than 500 members has entered into a consent order with the Connecticut Department of Banking following a regulatory examination that identified what the agency described as governance, recordkeeping and compliance deficiencies, according to a new report.
As the CU Daily reported earlier, the $3.1-million Trumbull Credit Union, which has approximately 433 members, agreed to the order from Banking Commissioner Jorge L. Perez, resolving the matter without admitting or denying the regulator’s findings, the Hartford Business Journal reported.
According to the order, regulators alleged that between Dec. 31, 2022, and approximately Sept. 30, 2025, Trumbull CU had “inadequate corporate governance,” failed to maintain accurate books and records, and did not hold required monthly board meetings.
Supervisory Committee Lacking
“The examination also found the credit union lacked an active supervisory committee with at least three members, did not conduct an independent Bank Secrecy Act audit or risk assessment, and failed to maintain certain information security and vendor management controls,” the Business Journal stated.
The department concluded the issues constituted unsafe and unsound practices under the Connecticut Credit Union Act, the report added.
According to the Business Journal, the credit union’s board of directors must increase its oversight of operations and hold meetings at least monthly. Directors are required to review detailed financial and operational reports, including income and expenses, loan activity, investments, liquidity levels and internal controls. Comprehensive board minutes documenting those reviews must be maintained, the report said, adding the order also requires the immediate establishment of a supervisory committee and adoption of a board attendance policy that includes automatic removal provisions for noncompliance.
Outside Consultant Must be Retained
Within 30 days, the credit union must retain an outside consultant acceptable to regulators to evaluate the qualifications and staffing levels of the board, management and employees.
That assessment must include recommendations for any necessary personnel changes or additions, the Journal reported.
At year-end 2025, Trumbull CU posted $32,207 in net income, with net worth of 14.22%.
