The Department of Banking News Bulletin

Bulletin # 2040
Week Ending March 28, 2003

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.

BRANCH ACTIVITY

Section 36a-145 of the Connecticut General Statutes requires that each application for a branch, or for a limited branch at which loans will be made, be accompanied by a plan detailing how adequate services to meet the banking needs of all community residents will be provided. Plans are submitted when such applications are filed and are available for public inspection and comment at this Department for a period of 30 days. Questions concerning branch activity should be directed to the Bank Examination Division, (860) 240-8180.
Note: dates are listed in month/day/year format.

State Bank Activity

On March 25, 2003, pursuant to Section 36a-581 of the Connecticut General Statutes, Check Stop of Connecticut LLC received approval to relocate its check cashing general facility from 77 State Street, Meriden, Connecticut to 515 Broad Street, Meriden, Connecticut.

CONSENT ORDER

On January 25, 2003, the Commissioner entered a Consent Order with respect to SDM Check Cashing of CT II, LLC of 170 Hamilton Avenue, White Plains, New York. The Consent Order claimed that, from at least January 2002, the company cashed at least twelve checks in excess of $2,500, in apparent violation of Section 36a-584(b) of the Connecticut General Statutes.

Pursuant to the Consent Order, a civil penalty in the amount of $7,500 was imposed against the company. In addition, the Consent Order directed the company to implement revised supervisory and compliance procedures designed to improve regulatory compliance, and required the company to file quarterly reports for a period of one year, detailing items cashed in excess of $2,500, and any exemption claimed, describing training obtained by officers and employees relating to compliance with state and federal check cashing and anti-money laundering laws, and providing information on the implementation of policies, procedures and systems to preclude violations of any such laws.