State of Connecticut Department of Banking

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The Department of Banking News Bulletin 

Bulletin # 2945 - Week Ending July 31, 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



Special Meeting

On August 18, 2020, pursuant to Sections 1-225 and 36a-70(i) of the Connecticut General Statutes, a special meeting of the Banking Commissioner will be held for the purpose of considering the application of the organizers of TNB USA Inc., Norwalk, Connecticut, for an extension of their Temporary Certificate of Authority to organize an uninsured bank. The meeting is scheduled to be held on August 18, 2020, at 10:00 a.m. via videoconference and via teleconference at (860) 840-2075, conference ID: 474 726 564#.

CONSUMER CREDIT DIVISION ACTIVITY

Consent Order

On July 23, 2020, the Commissioner entered into a Consent Order with Paxos Trust Company, LLC d/b/a itBit Trust Company, LLC (NMLS # 1766787) (“Paxos”), New York, New York. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that, from May 6, 2015, to the present, Paxos engaged in the business of money transmission in this state without the required license, in violation of Section 36a-597(a) of the Connecticut General Statutes. As part of the Consent Order, Paxos paid $10,000 as a civil penalty and $7,500 as back licensing fees.

 

    Dated: Tuesday, August 4, 2020

      Jorge L. Perez
      Banking Commissioner