A resident told the Hartford City Council during public comment that the pending merger of SENCAP, previously the Hartford Municipal Credit Union, merits city attention and a temporary pause for state or federal review.
"I was very concerned about the impending merger of the former Hartford Municipal Credit Union, which is now SENCAP, with another outside national organization," said Alyssa Peterson, who asked the council and mayor to examine alternatives and to consult the state banking commissioner and the National Credit Union Administration.
Peterson suggested the city seek a 30- or 60-day pause to explore local merger options, new board members or other financing alternatives, and she listed possible local partners such as Hartford Federal Credit, a fire-department credit union and Franklin Trust. "I don't think SENCAP needs to merge with a national organization," she said.
Peterson said the credit union has had longstanding governance problems and "malfeasance" and urged council members to refer the matter to state banking oversight or the NCUA if necessary, citing the way New York City sought state and federal assistance in a similar case.
The speaker said she had sent a letter to Council President Shirley Surgeon and former Council President Rosado and that she would follow up with more information.
The council did not take action at the meeting; the comments were made during the public-comment period. No city or council authority to block a private-credit-union merger was stated during the remarks, and the speaker asked the council to notify the mayor and relevant regulators.
Authorities mentioned by the speaker include the state banking commissioner and the National Credit Union Administration (NCUA).