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Connecticut's Stamford CU Files to Convert Back to Federal Charter

STAMFORD, Conn. - Stamford CU, the fourth largest state-chartered credit union in Connecticut, filed an application March 5 with the Connecticut Department of Banking to convert to a federal charter - again. The credit union was chartered in 1953 as Stamford Municipal Federal Employees Credit Union. It subsequently expanded its...

By Staff Writer | Updated on April 01, 2003

STAMFORD, Conn. – Stamford CU, the fourth largest state-chartered credit union in Connecticut, filed an application March 5 with the Connecticut Department of Banking to convert to a federal charter – again. The credit union was chartered in 1953 as Stamford Municipal Federal Employees Credit Union. It subsequently expanded its field-of-membership to include all municipal employees in the city. In 1984, the credit union converted from a state to a federal charter, and seven years later, it converted back to a state charter and changed its name to Stamford Credit Union. SCU President/CEO Raymond Dowling had no comment on the credit union’s latest charter conversion decision. But Connecticut Department of Banking Director of Depository Institutions said SCU’s decision “may have had something to do with the IRS’ credit union audits for Unrelated Business Income Tax” (CU Times, March 26). Stamford CU has approximately $48,000 in assets. As of Jan. 16, 2003, there are 50 state-chartered credit unions and 130 federal credit unions in Connecticut. Additionally, there are seven out-of-state credit unions doing business in Connecticut.

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