The Department of Banking News Bulletin
Bulletin # 2935 - Week Ending May 22, 2020
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 business days from the date of this bulletin.
STATE BANK ACTIVITY
Interstate Loan Production Office
On May 22, 2020, Evolve Bank & Trust, an Arkansas state-chartered bank, filed an application pursuant to Section 36a-412(d) of the Connecticut General Statutes, seeking approval to establish a loan production office at 222 Old Boston Post Road, Old Saybrook, Connecticut.
STATE CREDIT UNION ACTIVITY
DATE: May 21, 2020
CREDIT UNION: Nutmeg State Financial Credit Union, Rocky Hill
LOCATION: 500 West Avenue, Norwalk, CT 06850
ACTIVITY-BRANCH TYPE: Filed to Open Full Service Branch
Field of Membership Amendment
On May 21, 2020, Nutmeg State Financial Credit Union, Rocky Hill, Connecticut, a Connecticut credit union, filed a request for approval to amend its bylaws pursuant to Section 36a-437a(h)(3) of the Connecticut General Statutes, to expand its field of membership to include the following Connecticut towns and city: Fairfield, Westport, Norwalk and Trumbull.
CONSUMER CREDIT DIVISION ACTIVITY
Temporary Order to Cease and Desist, Notice of Intent to Issue
Order to Cease and Desist and Notice of Intent to Impose Civil Penalty
On May 14, 2020, the Commissioner issued a Temporary Order to Cease and Desist, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing In the Matter of: Professional Bureau of Collections of Maryland, Inc. (NMLS # 1001939) (“Respondent”), Greenwood Village, Colorado. The Notice was the result of an investigation by the Consumer Credit Division. The Commissioner alleges that Respondent acted within this state as a consumer collection agency without a consumer collection agency license, in violation of Section 36a-801(a) of the Connecticut General Statutes. Respondent was afforded an opportunity to request a hearing on the allegation set forth in the Notice.
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
ERG Securities (US) LLC (CRD. No. 121057)
On May 21, 2020, the Banking Commissioner entered into a Stipulation and Agreement (No. ST-20-202011-S) with ERG Securities (US) LLC, a Connecticut-registered broker-dealer located at 50 Washington Street, Suite 921, Norwalk, Connecticut 06854. The Stipulation and Agreement alleged that, commencing in 2018, the firm employed an unregistered broker-dealer agent in violation of Section 36b-6(b) of the Connecticut Uniform Securities Act and, in so doing, failed to effectively establish, enforce and maintain an adequate supervisory system in violation of Section 36b-31-6f(b) of the Regulations under the Act. The agent in question has since become registered in Connecticut.
In resolution of the matter, the firm agreed to refrain from regulatory violations and to remit $3,250 to the department. Of that amount $3,000 constituted an administrative fine and $250 represented reimbursement for past due agent registration fees.
Dated: Wednesday, May 27, 2020