Norwalk Hospital Credit Union has agreed to overhaul its governance and compliance practices after state regulators found the small financial institution operated for more than two years without key oversight and cybersecurity programs.
The state Department of Banking issued a consent order June 23 against the state-chartered credit union, which has about $32.6 million in assets and roughly 2,163 members. The order, signed by Banking Commissioner Jorge L. Perez, stems from an examination that found significant governance deficiencies from June 2023 through mid-October 2025.
Among the findings, regulators said the credit union operated for more than two years without a functioning supervisory committee, despite a state requirement that the committee have at least three members. The board also briefly fell out of compliance with a state law requiring an odd number of directors.
Regulators also found the credit union lacked an adequate Bank Secrecy Act compliance program and did not have an incident response plan, vendor management program or information security program.
The consent order does not impose a financial penalty. Instead, it requires the credit union to implement a series of corrective measures, including hiring an independent auditor to conduct a full member account verification, developing a staffing and succession plan, and establishing the required cybersecurity and compliance programs.
The order also requires the credit union to notify the banking commissioner at least 30 days before appointing any new board member, committee member or senior manager, and to obtain the commissioner’s approval before the individual assumes the role.
Founded in 1975, Norwalk Hospital Credit Union employs about five people. The institution consented to the order without admitting or denying the findings. Donald Robertson, the credit union’s manager, signed the agreement on its behalf.
In a statement, Robertson, who serves as CEO, said the credit union is working cooperatively with the state and characterized the matter as managerial and administrative, not a reflection of financial misconduct. He said the credit union remains financially sound and that day-to-day operations have continued without interruption.
“Our priority remains serving our members with transparency, stability, and integrity,” Robertson said. “We are committed to implementing the recommendations provided by the state and strengthening our operational practices.”
