The Department of Banking News Bulletin 

 Bulletin # 1994
Week Ending May 10, 2002

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, Commissioner of Banking, 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.

MONEY ORDER AND TRAVELERS CHECK LICENSE ACTIVITY

On May 10, 2002, pursuant to Section 36a-600 of the Connecticut General Statutes, as amended by Public Act 01-56, Remesas Costamar, Inc. applied for approval to engage in the business of money transmission.

CREDIT UNION DIVISION ACTIVITY
Subsidiary Office

Conversion

On May 10, 2002, pursuant to Section 36a-469 of the Connecticut General Statutes, Southern New England Federal Credit Union, North Haven, filed an application to convert from a federal credit union to a Connecticut credit union. The proposed field of membership of the converted credit union is: Persons who live, work, worship or attend school in Hartford, Middlesex, New Haven or Fairfield counties of Connecticut as well as any and all businesses, corporations, organizations or associations located within such counties. Also to include persons within the immediate family of a member, or surviving persons within the immediate family of a deceased member, retirees, pensioners or annuitants and surviving spouses of any groups eligible for this credit union.

SECURITIES AND BUSINESS INVESTMENTS DIVISION
Greenwich Firm Assessed $4,500 for
Unregistered Investment Advisory Activity

On May 7, 2002, the Commissioner entered a Consent Order with respect to Colchester Investment Counsel LLC of 2 Sound View Drive, Suite 100, Greenwich, Connecticut. The Consent Order alleged that from January 2000 forward, the firm transacted business as an investment adviser and employed an unregistered investment adviser agent in purported violation of Section 36b-6(c) of the Connecticut Uniform Securities Act. The firm has since applied for investment adviser registration in Connecticut.

The Consent Order required that the firm pay $4,500 to the agency. Of that amount, $3,500 constituted an administrative fine, $500 represented reimbursement for past due registration fees and $500 constituted reimbursement for departmental investigative costs. In addition, the Consent Order directed the firm to implement revised supervisory and compliance procedures, and, for two years, to file quarterly reports with the department describing any securities-related complaints, actions or proceedings involving Connecticut residents.