The Department of Banking News Bulletin
Bulletin # 2596
Bulletin # 2596
Week Ending November 22, 2013
This bulletin constitutes the only official notification you will receive from this office concerning any of the following applications. Any observations you may have are solicited. Any comments should be in writing to Howard F. Pitkin, Banking Commissioner, at the Connecticut Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800 or via E-mail. Written comments will be considered only if they are received within ten days from the date of this bulletin.
STATE BANK ACTIVITY
Section 36a-145 of the Connecticut General Statutes requires certain applications for a branch, or for a limited branch at which loans will be made, be accompanied by a plan detailing how adequate services to meet the banking needs of all community residents will be provided. Plans are submitted when such applications are filed and are available for public inspection and comment at this Department for a period of 30 days. Questions concerning branch activity should be directed to the Financial Institutions Division, (860) 240-8180.
| Date | Bank | Location | Activity |
|---|---|---|---|
| 11/18/13 |
Liberty Bank
Middletown |
60 North Main Street
Southington, CT 06489 |
Opening
Date |
CREDIT UNION ACTIVITY
Merger
Merger
On November 12, 2013 pursuant to Section 36a-468a of the Connecticut General Statutes Brand-Rex Employees Credit Union, Inc., Willimantic, Connecticut, a Connecticut credit union and Northeast Family Federal Credit Union, Manchester, Connecticut, a federally chartered credit union, filed an application for the merger of Brand-Rex Employees Credit Union, Inc., with and into Northeast Family Federal Credit Union.
CONSUMER CREDIT DIVISION ACTIVITY
Consent Orders
Consent Orders
On November 12, 2013, the Commissioner entered into a Consent Order with Franklin Mortgage, LLC (NMLS # 2812) (“Franklin Mortgage”), North Haven, Connecticut. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that Franklin Mortgage failed to timely file certain annual information required by mortgage call reports, in violation of Section 36a-534b(c)(3) of the Connecticut General Statutes. As part of the Consent Order, Franklin Mortgage paid $2,500 as a civil penalty.
On November 13, 2013, the Commissioner entered into a Consent Order with Harbor Financial, LLC (NMLS # 112573) (“Harbor Financial”), Hamden, Connecticut. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, on June 24, 2013, the Commissioner issued a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing. The Commissioner alleged that Harbor Financial failed to file certain annual and quarterly information required by mortgage call reports, and failed to timely file certain other quarterly information required by mortgage call reports, in violation of Section 36a-534b(c)(3) of the Connecticut General Statutes. As part of the Consent Order, Harbor Financial requested surrender of its mortgage broker license.
On November 12, 2013, the Commissioner entered into a Consent Order with Infinity Home Mortgage Company, Inc. (NMLS # 121461) (“Infinity Home Mortgage”), Cherry Hill, New Jersey. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, on June 24, 2013, the Commissioner issued a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing. The Commissioner alleged that Infinity Home Mortgage failed to file certain annual information required by mortgage call reports, in violation of Section 36a-534b(c)(3) of the Connecticut General Statutes. As part of the Consent Order, Infinity Home Mortgage is ineligible to apply for licensure as a mortgage lender, mortgage correspondent lender, or mortgage broker before April 1, 2014.
On November 12, 2013, the Commissioner entered into a Consent Order with Infinity Home Mortgage Company, Inc. (NMLS # 121461) (“Infinity Home Mortgage”), Cherry Hill, New Jersey. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, on June 24, 2013, the Commissioner issued a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing. The Commissioner alleged that Infinity Home Mortgage failed to file certain annual information required by mortgage call reports, in violation of Section 36a-534b(c)(3) of the Connecticut General Statutes. As part of the Consent Order, Infinity Home Mortgage is ineligible to apply for licensure as a mortgage lender, mortgage correspondent lender, or mortgage broker before April 1, 2014.
Temporary Order to Cease and Desist, Order to Make Restitution, Notice of Intent
to Issue Order to Cease and Desist and Notice of Intent to Impose Civil Penalty
On November 12, 2013, the Commissioner issued a Temporary Order to Cease and Desist, Order to Make Restitution (“Order to Make Restitution”), Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (collectively “Notice”) in the Matter of: Network Solutions Center Inc. d/b/a Premiere Financial Center Inc. (“Respondent”), Santa Ana, California. The Notice was the result of an investigation by the Consumer Credit Division. The Notice alleges that Respondent engaged in debt negotiation in this state without obtaining the required license, in violation of Section 36a-671(b) of the Connecticut General Statutes. As part of the Order to Make Restitution, Respondent was ordered to repay fees to identified Connecticut residents in amounts identified plus interest, and to repay any other Connecticut resident who entered into an agreement for debt negotiation services with Respondent on and after October 1, 2009, any fees paid by such Connecticut resident to Respondent plus interest. The Commissioner also found that public welfare required the issuance of a Temporary Order to Cease and Desist against Respondent. Respondent was afforded an opportunity to request a hearing with regard to the allegations set forth in the Notice.
to Issue Order to Cease and Desist and Notice of Intent to Impose Civil Penalty
Dated: Tuesday, November 26, 2013
Howard F. Pitkin
Banking Commissioner