Bulletin # 2975 - Week Ending February 26, 2021

 

 

STATE BANK ACTIVITY

Branch Activity

Section 36a-145 of the Connecticut General Statutes requires certain applications for a branch or limited branch at which loans will be made, address how the establishment of the branch will be consistent with safe and sound banking practices and promote the public convenience and advantage. Plans are submitted when such applications are filed and are available for public inspection and comment at the Department for a period of 30 days. Questions concerning branch activity should be directed to the Financial Institutions Division, (860) 240-8180.

DATE: February 22, 2021
BANK: Liberty Bank, Middletown
LOCATION: 94 Shaker Road, East Longmeadow, MA 01028
ACTIVITY-BRANCH TYPE: Filed to Establish Loan Production Office
 

CREDIT UNION ACTIVITY

Merger

On February 25, 2021, the Commissioner approved the merger of Consolidated Controls Corporation Federal Credit Union, a federal credit union, with and into Mutual Security Credit Union, a Connecticut credit union, pursuant to Section 36a-468a of the Connecticut General Statutes.

CONSUMER CREDIT DIVISION ACTIVITY

Notice of Automatic Suspension, Notice of Intent to Revoke Consumer Collection Agency License, Notice of Intent to Issue Order to Cease and Desist and Notice of Intent to Impose Civil Penalty

On February 18, 2021, the Commissioner issued a Notice of Automatic Suspension, Notice of Intent to Revoke Consumer Collection Agency License, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (“Notice”) In the Matter of: Diversified Consultants, Inc. (NMLS # 938331) (“Respondent”), Jacksonville, Florida. The Notice was the result of an examination by the Consumer Credit Division. The Commissioner alleges in the Notice that: (1) Respondent failed to file on the Nationwide Multistate Licensing System and Registry or otherwise notify the Commissioner that it had filed for bankruptcy and that its tangible net worth decreased below the minimum amount required pursuant to subsection (b) of Section 36a-801 of the Connecticut General Statutes, in violation of Section 36a-801(f)(3) of the Connecticut General Statutes, in effect at such time; (2) Respondent utilized an out-of-state bank without a branch in Connecticut for its Connecticut debtor monies, in violation of Section 36a-811(b) of the Connecticut General Statutes, in effect at such time; (3) Respondent charged at least one Connecticut debtor a collection fee in excess of 15% of the amount collected, in violation of Section 36a-805(a)(12) of the Connecticut General Statutes, in effect at such time; (4) Respondent failed to provide information requested during the examination, in violation of Section 36a-17 of the Connecticut General Statutes, in effect at such time; (5) Respondent failed to pay the costs of examination, in violation of Section 36a-65(c)(6) of the Connecticut General Statutes, in effect at such time; (6) Respondent’s conduct renders the Commissioner unable to determine that the financial responsibility, character, reputation, integrity and general fitness of Respondent are such to warrant belief that the business will be operated soundly and efficiently, in the public interest and consistent with the purposes of Section 36a-800 to 36a-814, inclusive, as required pursuant to Section 36a-801(c)(2) of the Connecticut General Statutes; and (7) Respondent failed to maintain a surety bond that runs concurrently with the period of its consumer collection agency license, in violation of Section 36a-802(a) of the Connecticut General Statutes. Respondent was afforded an opportunity to request a hearing with regard to the allegations set forth in the Notice.