In accordance with Governor Lamont's emergency declaration, employees and the public are asked to observe social distancing measures to ensure communal safety and to slow the spread of the novel coronavirus (COVID-19). People are asked to work from home and telecommute wherever possible. Adhering to these instructions, the Department of Banking has closed its offices to the public. However, agency staff will continue to provide services to consumers and industry through telework. When contacting the Department, please use electronic communication whenever possible. Agency staff will continue to check voicemails during this time. Consumers are encouraged to use our online form for complaints. If you are unsure where to send an inquiry, you may send it to and it will be routed appropriately. Thank you for your patience during this time.

The Department of Banking News Bulletin 

Bulletin # 2731
Week Ending June 24, 2016

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 Jorge L. Perez, 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.

De Novo Limited Branch
On June 24, 2016, the Commissioner approved the application of State Street Bank and Trust Company, a Massachusetts-chartered bank and wholly-owned subsidiary of State Street Corporation, Boston, Massachusetts, to establish a de novo limited branch pursuant to Section 36a-412(a)(2) and 36a-145(c)(1) of the Connecticut General Statutes at 1600 Summer Street in Stamford, Connecticut.

Holding Company Application
On June 22, 2016, Fieldpoint Private Bank & Trust (“Fieldpoint”), a federal bank, filed an application to organize a holding company pursuant to Section 36a-181 of the Connecticut General Statutes, that will be known as Fieldpoint Private Holdings, Inc. and located in Greenwich, Connecticut.   This application was filed in connection with Fieldpoint’s application to convert to a Connecticut bank and trust company (see Bulletin #2730).

Branch Activity
Date Credit Union Location Activity
Mutual Security Credit Union
12 Progress Drive
Shelton, CT  06484

Notice of Automatic Suspension, Temporary Order to Cease and Desist,
Notice of Intent to Revoke Consumer Collection Agency License and
Notice of Intent to Issue Order to Cease and Desist
On June 15, 2016, the Commissioner issued a Notice of Automatic Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke Consumer Collection Agency License, Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing (“Notice”) in the Matter of:  Vision Financial Corp (NMLS # 1152004) (“Respondent”), Rockford, Illinois.  The Notice was the result of an investigation by the Consumer Credit Division.  The Commissioner alleges that Respondent failed to maintain a surety bond that runs concurrently with the period of its consumer collection agency license for its office located at 11960 Westline Industrial Drive, Suite 330, St. Louis, Missouri, in violation of Section 36a-802(a) of the Connecticut General Statutes.  The Commissioner also found that public welfare required the issuance of a Temporary Order to Cease and Desist.  Respondent was afforded an opportunity to request a hearing with regard to the allegation set forth in the Notice.

Consent Order
On June 17, 2016, the Commissioner entered into a Consent Order with Preferred Investment Associates, Inc. (NMLS # 69347) (“PIA”), West Hartford, Connecticut.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, the Commissioner alleged that from approximately January 2015 to May 2016, PIA acted as a mortgage servicer while neither licensed nor exempt from licensure, in violation of Section 36a-718 of the 2016 Supplement to the General Statutes.  To resolve the matter alleged, PIA submitted an application for a mortgage lender license and provided the supplemental mortgage servicer surety bond, fidelity bond and errors and omissions coverage required pursuant to Section 36a-719c of the 2016 Supplement to the General Statutes to avail itself of the exemption to mortgage servicer licensure and paid $10,000 as a civil penalty.

Dated: Tuesday, June 28, 2016

Jorge L. Perez
Banking Commissioner