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, Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800.  Written comments will be considered only if they are received within ten days from the date of this bulletin.

DEPOSIT INDEX AND INTEREST RATES

Pursuant to Sections 16-262j(d), 47a-21(i)(2) and 49-2a(c) of the Connecticut General Statutes, the Commissioner has determined the deposit index for the calendar year 2015 to be 0.08%.

These rates are for the period commencing January 1, 2015 and ending December 31, 2015.

PLEASE NOTE:  Parties required to pay interest under these Sections are advised to review the applicable statute(s) to ensure compliance.  The interest rates provided herein are done so as a convenience to the public; the commissioner has no authority to establish interest rates beyond what is provided in statute.

STATE BANK ACTIVITY
Merger

On December 9, 2014, UPS Capital Business Credit (“UPS Capital”), a Connecticut-chartered uninsured bank, filed an application pursuant to Section 36a-127 of the 2014 Supplement to the General Statutes, as amended by Public Act 14-96, seeking approval for the merger of UPS Capital Business Credit NJ, a New Jersey corporation and wholly-owned subsidiary of UPS Capital, with and into UPS Capital.

Interstate Loan Production Office

On December 1, 2014, Manufacturers and Traders Trust Company, a New York banking corporation with its main office in Buffalo, New York, filed an application pursuant to Section 36a-412(d) of the Connecticut General Statutes to establish a loan production office at 393 State Street, North Haven, Connecticut.

On December 4, 2014, UBS Bank USA, a Utah industrial bank with its main office in Salt Lake City, Utah, filed an application pursuant to Section 36a-412(d) of the Connecticut General Statutes to establish a loan production office at 300 Post Road West, Westport, Connecticut.

Out-of-State Trust Company

On December 31, 2014, Sentinel Trust Company, a New Hampshire non-depository trust company, plans to close its office at 1 New Haven Avenue, Suite 102B, Milford, Connecticut, at which the company presently engages solely in fiduciary activities.

FOREIGN BANK ACTIVITY
Representative Office

On December 31, 2014, Royal Bank of Scotland N.V. plans to close its representative office at 600 Washington Boulevard, Stamford, Connecticut.

STATE CREDIT UNION ACTIVITY
Branch Activity

On November 21, 2014, the Commissioner entered into a Consent Order with Polaris Funding Group, LLC (NMLS # 2540) (“Polaris Funding”), Newington, Connecticut.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, on April 22, 2014, 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 against Polaris Funding.  The Commissioner alleged that Polaris Funding failed to file certain annual information required by mortgage call reports, in violation of Section 36a-534b(c)(3) of the Connecticut General Statutes and in violation of an order of the Commissioner.  As part of the Consent Order, Polaris Funding requested surrender of its mortgage broker license.

On November 21, 2014, the Commissioner entered into a Consent Order with Torrington Payment Center LLC (“Torrington Payment Center”), Torrington, Connecticut.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, on November 14, 2012, the Commissioner issued a Notice of Intent to Revoke Check Cashing Service License, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing against Torrington Payment Center.  The Commissioner alleged, among other things, that Torrington Payment Center’s failure to timely provide the Commissioner with a detailed report of the corrective action taken as a result of a February 22, 2012, Report of Examination constitutes a failure by Torrington Payment Center to fully cooperate with the Commissioner, in violation of Section 36a-17(d) of the 2012 Supplement to the General Statutes, as amended by Public Act 12-96.  As part of the Consent Order, Torrington Payment Center was ordered to pay $5,000 as a civil penalty.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Consent Order Entered

On December 3, 2014, the Banking Commissioner entered a Consent Order (Docket No. CR-14-8150-S) with respect to Michael James Byl, a control person and registered investment adviser agent of LGAUS LLC d/b/a Landmark Global Advisors LLC.   Michael James Byl had been the subject of a July 3, 2014 Order to Cease and Desist, Notice of Intent to Revoke Registration as an Investment Adviser Agent and Notice of Right to Hearing.  The July 3, 2014 action had alleged that 1) respondent Byl and others were directed to pay damages in conjunction with an April 4, 2012 FINRA arbitration award (Coleman McCarthy v. Southridge Investment Group LLC et al., Case No. 09-06667); 2) on December 18, 2013, FINRA suspended respondent Byl for failing to comply with the arbitration award or to satisfactorily respond to a FINRA information request; 3) the failure to pay the arbitration award and the FINRA suspension would support administrative proceedings against Byl; and 4) Byl violated Section 36b-31-14e(a) of the Regulations under the Connecticut Uniform Securities Act by failing to update his Form U-4 to disclose the 2012 arbitration award, his failure to pay the award and his suspension by FINRA.

The Consent Order directed respondent Byl to cease and desist from regulatory violations.  In addition, the Consent Order barred respondent Byl from:  (a) transacting business in or from Connecticut as a broker-dealer, agent, investment adviser or investment adviser agent; (b) acting as a finder for compensation, or receiving referral fees, directly or indirectly, in connection with any recommendation, sale or purchase of securities; (c) directly or indirectly soliciting or accepting funds for investment purposes from public or private investors in or from Connecticut; and (d) maintaining a direct or indirect ownership interest in a broker-dealer or an investment adviser registered or required to be registered in Connecticut.  The bar would run until one year had elapsed from the date Byl paid the April 4, 2012 FINRA arbitration award and provided documented proof of payment to the Commissioner.  The Consent Order also required that respondent Byl withdraw Landmark Global Advisors LLC's Connecticut investment adviser registration prior to the entry of the Consent Order.

 Dated:  Tuesday, December 9, 2014

 Howard F. Pitkin
 Banking Commissioner