The Department of Banking News Bulletin 

 Bulletin # 1874
Week Ending January 21, 2000

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 John P. Burke, Banking Commissioner, at the Connecticut Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800 or via E-mail to john.burke@ct.gov. Written comments will be considered only if they are received within ten days from the date of this bulletin.

CHECK CASHING SERVICE LICENSE ACTIVITY

Pursuant to the provisions of Section 36a-581 of the Connecticut General Statutes, on January 21, 2000, Connecticut State Check Cashing Services, Inc. received approval to operate a check cashing service general facility at 426 Whalley Avenue, New Haven, Connecticut.

CREDIT UNION ACTIVITY

Pursuant to the provisions of Section 36a-470 of the Connecticut General Statutes, on January 20, 2000, approval was granted to Perm-O-Last Employees Credit Union, Inc., Waterbury, to merge with and into Technology Groups Federal Credit Union, Waterbury.

SECURITIES AND BUSINESS INVESTMENTS ACTIVITY
Broker-Dealer Assessed $20,500 for Unregistered Branch Office Activity

On January 19, 2000, a Consent Order was entered with respect to American General Securities, Inc., a securities broker-dealer having its principal office at 2727 Allen Parkway, #290, Houston, Texas. The Consent Order was based on allegations that: 1) at various times commencing in 1998, the firm failed to register multiple locations as branch offices under the Connecticut Uniform Securities Act; and 2) the firm failed to establish, maintain and implement a supervisory structure designed to achieve compliance with Connecticut branch office registration requirements. The Consent Order directed the firm to: 1) confirm and explain revisions made to its supervisory and compliance procedures with respect to branch office registration requirements; 2) issue an explanatory compliance notice to its Connecticut-based agents describing state branch office registration provisions and the firm's supervisory obligations in connection therewith; 3) pay $20,500 to the department, $18,000 of which constituted an administrative fine and $2,500 of which represented reimbursement for division investigative costs; and 4) file quarterly written reports for two years describing any securities-related complaints, actions or proceedings involving Connecticut residents.

SECTION 36a-425 APPLICATION

On January 21, 2000, an application was filed by Emigrant Bancorp, Inc., to establish an office of its subsidiaries, Emigrant Mortgage Company, Inc., Emigrant Funding Corporation, and MoneyNow Mortgage Corporation, at 1175 Post Road East, Westport, Connecticut.