State of Connecticut Department of Banking

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The Department of Banking News Bulletin 

Bulletin # 2938 - Week Ending June 12, 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 June 8, 2020, the Commissioner approved the application of Evolve Bank & Trust, an Arkansas state-chartered bank, to establish a loan production office in Connecticut pursuant to Section 36a-412(d) of the Connecticut General Statutes. The office will be located at 20 Main Street, 1st Floor in Salisbury, Connecticut.

 

 

STATE CREDIT UNION ACTIVITY

Merger Application Withdrawn

On June 9, 2020, Mutual Security Credit Union (“MSCU”), a Connecticut credit union, withdrew its application to merge Merritt Federal Credit Union, a federal credit union, with and into MSCU.

 

 

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY

TPEG Securities, LLC (CRD No. 146726)

On June 8, 2020, the Banking Commissioner entered a Consent Order (No. CO-20-8473-S) with respect to TPEG Securities, LLC, a broker-dealer located at 925 South Kimball Avenue, Suite 100, Southlake, Texas 76092. The firm has been registered as a broker-dealer in Connecticut since 2015. The Consent Order alleged that, from 2010 to 2018, the firm violated Section 36b-16 of the Connecticut Uniform Securities Act by selling securities for which no registration or exemption filing had been made. The Consent Order also alleged that, from approximately 2010 to 2015, the firm transacted business as a broker-dealer in Connecticut absent registration in violation of Section 36b-6(a) of the Act.

The Consent Order directed the firm to cease and desist from regulatory violations and to pay $8,950 to the department. Of that amount, $7,500 constituted an administrative fine and $1,450 represented reimbursement for past due broker-dealer registration fees. 


 

      Dated: Tuesday, June 16, 2020

      Jorge L. Perez
      Banking Commissioner