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Banking Commissioner Appoints New Director of the
Consumer Credit Division

October 31, 2011

Commissioner Howard F. Pitkin announced today that he has named Carmine Costa of Glastonbury as Director of the Consumer Credit Division of the Department of Banking.

Mr. Costa has been a manager in the Department of Banking’s Consumer Credit Division.  His primary responsibility was overseeing the Division’s enforcement and examination process as it relates to various types of financial entities regulated by the Division.  Such entities include Check Cashers; Consumer Collection Agencies; Debt Adjusters; Debt Negotiators, Money Transmitters and Payment Instrument Providers; Mortgage Lenders and Brokers; Mortgage Loan Originators; Sales Finance Companies; and Small Loan Lenders.

Previously, Mr. Costa managed the Consumer Affairs Unit within the Department’s Government Relations Division.  He was appointed to that position in 2004, following a reorganization aimed at expanding the agency’s outreach to Connecticut consumers.  In that position, Mr. Costa was responsible for supervising the day to day activities of specialists dedicated to the resolution of customer inquiries and complaints in the areas of banking, consumer credit and securities.  In 2006 and 2007, Mr. Costa served as part of former Governor Rell’s identity theft task force, participating in a series of presentations across the state.

Mr. Costa has been actively involved in a number of enforcement actions initiated by the agency and has worked closely with other law enforcement authorities and prosecuting officials.

“Carmine is a dedicated professional, who has a long history as an exemplary employee with the Banking Department,” Commissioner Pitkin said.  “He will bring a vast amount of experience and knowledge to the Director’s position.  We are lucky to have him on our team.”

Mr. Costa holds a Bachelor’s Degree in Business Administration from Eastern Connecticut State University with concentrations in Accounting and Finance and has been with the Department of Banking since 1992.  Early in his career, Mr. Costa held a number of examiner positions with the Consumer Credit Division, where he conducted examinations of licensed entities and assisted them in complying with state laws and regulations as well as the Federal Truth in Lending Act.