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Financial Institutions Division

Contact the Division | Verify a License

The Financial Institutions Division regulates state-chartered bank and trust companies, credit unions, savings banks and savings and loan associations for compliance with the laws and regulations of the State of Connecticut, as well as appropriate rules and regulations of federal agencies.

The role of the Financial Institutions Division is to ensure that the citizens of Connecticut can safely conduct financial transactions in responsibly-managed, safe and sound institutions that are under its supervision.  This is accomplished primarily through an on-site examination program and off-site monitoring capability.

In cooperation with the Federal Deposit Insurance Corporation (FDIC), each Connecticut bank is examined on an eighteen month time frame, or more often if the condition of the bank warrants additional scrutiny. The division also conducts periodic examinations of Connecticut bank holding companies.

All state-chartered credit unions are similarly examined on an eighteen month time frame.  In addition, the division conducts follow-up examinations to monitor credit unions experiencing problems and conducts some joint examinations with the National Credit Union Administration (NCUA).

Aside from its examination responsibility, the division regulates the activities of foreign bank branches, agencies or representative offices. The division also has responsibility for analyzing and processing various applications submitted to the department including, but not limited to, the establishment of new banks or credit unions, branch applications or expansions, mergers and consolidations, bank holding company formations, and requests for field of membership expansions. 

See also: Specialty Bank Examinations | Organizing a Bank
             Organizing a Credit Union | Advantages of a State Credit Union Charter

Financial Institution Division Licensees

The Financial Institutions Division also regulates the following entities in Connecticut:

The Financial Institutions Division receives its funding from industry in the form of fees, penalties and assessments that are calculated as a percentage of an institution's assets and from licensing fees.

Professional Accreditation

The Department of Banking successfully completed a bank examination reaccredidation program conducted by the Conference of State Bank Supervisors (CSBS) in 2008.  Accreditation certifies that the division meets the highest standards and practices of bank supervision and regulation.  

Accreditation is awarded for a five-year period and is subject to annual review.  The Department of Banking first went through this rigorous evaluation in April, 1986 and the division has continuously maintained accredited status since then.

The Department of Banking has similarly been accredited by the National Association of State Credit Union Supervisors (NASCUS) since 1990.  Connecticut was the third state, and is presently one of only 28 state credit union regulatory agencies in the country, to merit the designation intended to foster a standard of excellence in the examination and supervision of credit unions.  The division successfully completed the requirements to be re-accredited by NASCUS in 1995, 2000, and again in 2005.

Examiner Training

The Financial Institutions Division offers extensive training to its examiners to promote their technical competency and professional development. The division's training program consists of several components: orientation, on-the-job training, formal coursework, in-service training and continuing education.

The orientation program provides new examiners with an introduction to the Department of Banking and the examination process. Soon thereafter, examiners receive on-the-job training regarding the division's risk-focused examination process used to identify risk and effectively utilize examiner resources.

The knowledge and experience gained during the day-to-day examination process is reinforced and expanded upon with formal training courses.  In the banking area, examiners take part in various schools, seminars and forums sponsored by the FDIC, the Federal Reserve Banks and the Conference of State Bank Supervisors (CSBS). In-service training is developed to cover a wide range of topical issues affecting the banking industry. The division has staff specializing in Accounting, Trust, Lending, Information Technology, International Banking and Capital Markets. From time to time, these staff prepare presentations for examiner education. Continuing education is encouraged; a number of examiners hold master's degrees, certifications and professional licenses, such as CPAs and examiner certification via CSBS.  

In the credit union area, examiners annually attend training sessions offered by the NCUA and NASCUS.  Sessions address topics such as contemporary critical issues, auditing principals and fraud detection, commercial and advanced lending, and consumer compliance regulations.

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Contacting the Financial Institutions Division:

[ Consumer Assistance ]

Connecticut Department of Banking
Financial Institutions Division
260 Constitution Plaza
Hartford, CT 06103-1800

Telephone: (860) 240-8180 or
toll-free 800-831-7225
Fax: (860) 240-8167

Key personnel may be contacted via E-mail:

Mary Ellen O'Neill, Division Director

Anthony F. Conway, Assistant Director

Debra L. Lein, Department Manager

Todd Prout, Department Manager