The Department of Banking News Bulletin
Bulletin # 3033 - Week Ending April 8, 2022
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.
CREDIT UNION ACTIVITY
Interstate Branch Activity
On April 4, 2022, the Commissioner approved the application of Arrha Credit Union, a Massachusetts-chartered credit union, to establish a branch in Connecticut pursuant to Section 36a-462b(a) of the Connecticut General Statutes. The branch will be located at 231 Hazard Avenue in Enfield, Connecticut.
CONSUMER CREDIT DIVISION ACTIVITY
On April 1, 2022, the Commissioner entered into a Consent Order with US Asset Management, Inc. d/b/a USAM (NMLS # 1747287) (“USAM”), Norwell, Massachusetts. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that between January 14, 2020 and December 27, 2021, USAM acted as a consumer collection agency in Connecticut without a consumer collection agency license, in violation of Section 36a-801(a) of the Connecticut General Statutes. As part of the Consent Order, USAM paid $10,000 as a civil penalty, and $800 for back licensing fees.
Supplemental Decision and Order
On April 5, 2022, the Banking Commissioner issued a Supplemental Decision and Order in the matter of 1st Alliance Lending, LLC (NMLS number 2819). The Supplemental Decision and Order followed an April 16, 2021 Final Decision by the Commissioner, consisting of Finding of Fact, Conclusions of Law and an Order, that was appealed to the Superior Court by 1st Alliance Lending, LLC (1st Alliance Lending LLC v. State of Connecticut Department of Banking et al., Docket No.: HHBCV216066325S). That appeal is currently pending. On January 12, 2022, the Superior Court entered an Order remanding the matter to the Commissioner pursuant to Section 4-183(h) of the Connecticut General Statutes with an instruction to receive additional “Byte Data Log” evidence from Respondent and to provide appropriate consideration of that evidence. The appeal would be stayed until April 14, 2022 pending the Commissioner's review of the additional evidence.
Having reviewed the additional evidence per the Court's directive, the Commissioner determined on April 5, 2022 that no changes to the Final Decision were warranted.
Jorge L. Perez