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Law Allows Connecticut Federal Credit Unions Access to Investment Funds

Gov. Jodi Rell recently signed into law a bill that will allow certain federal credit unions eligible for funds that the state treasurer may make available under a program to provide funding to community financial institutions.

By Michelle A. Samaad | Updated on May 29, 2007

HARTFORD, Conn. — Gov. Jodi Rell recently signed into law a bill that will allow certain federal credit unions eligible for funds that the state treasurer may make available under a program to provide funding to community financial institutions.

Rell signed HB 7004 on May 21 and it took effect that day. The bill changes the definition of community credit union to include federal and state CUs meeting the same membership limit requirements and $500 million asset maximum as under current law, but eliminating the $10 million asset minimum. A House amendment eliminated the requirement that CUs have at least $10 million in assets and creates the definition of a “state credit union.”

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