NORWALK, Conn. — Norwalk Hospital Credit Union has agreed to overhaul its governance, compliance and cybersecurity practices after Connecticut banking regulators found the institution operated for more than two years without key oversight functions required under state law.
The Hartford Business Journal reported the Connecticut Department of Banking issued a consent order on June 23 against the state-chartered credit union following an examination that identified governance deficiencies spanning from June 2023 through mid-October 2025.
The credit union has approximately $32.6 million in assets and about 2,163 members.
The Findings
According to the consent order, regulators found the credit union:
- Operated for more than two years without a functioning supervisory committee, despite a state requirement that the committee include at least three members.
- Briefly failed to maintain an odd number of directors on its board, as required by state law.
- Lacked an adequate Bank Secrecy Act compliance program.
- Did not maintain an incident response plan, vendor management program or information security program.
The consent order, signed by Jorge L. Perez, does not impose a monetary penalty. Instead, it requires the credit union to implement a series of corrective actions, the Business Journal reported.
Steps CU Must Take
Among the required measures are:
- Hiring an independent auditor to conduct a full verification of member accounts.
- Developing a staffing and succession plan.
- Establishing cybersecurity, vendor management and regulatory compliance programs.
The order also requires Norwalk Hospital Credit Union to notify the banking commissioner at least 30 days before appointing any new board member, committee member or senior manager. The commissioner must approve the appointment before the individual assumes the position, according to the Hartford Business Journal.
Founded in 1975, Norwalk Hospital Credit Union employs about five people. The institution agreed to the consent order without admitting or denying the regulators’ findings. Credit union Manager Donald Robertson signed the agreement on the institution’s behalf.
Norwalk Hospital Credit Union did not respond to the Hartford Business Journal’s request for comment, the publication reported.
