Bulletin # 2346
Week Ending February 6, 2009

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 Howard F. Pitkin, Banking Commissioner, at the Connecticut Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800 or via E-mail. Written comments will be considered only if they are received within ten days from the date of this bulletin.

Date	Credit Union	Location	Activity
3/30/09	Mutual Security Credit Union, Inc. Shelton	23 Hubbard Road Wilton, CT 06897	closing date

On January 9, 2009, the Commissioner entered into a Settlement Agreement with Vennie L. Watts a/k/a Vincent Lavoid (“Watts”).  The Settlement Agreement was based on an investigation by the Consumer Credit Division.  As a result of such investigation, the Commissioner alleged that Watts, a registered loan originator who worked for L & S Mortgage, LLC from October 1, 2002 to September 30, 2006 and who was the President/Treasurer of Innoventures Management, LLC (“Innoventures”), between September 7, 2005 and February 6, 2006, issued, through Innoventures, false verifications of rent, in connection with at least two loans that were made by licensed mortgage lenders, in violation of Sections 36a-53b and 36a-56 of the Connecticut General Statutes (“CGS”).  Pursuant to the Settlement Agreement, Watts agreed to cease and desist from violating any provisions of Title 36a of the CGS, including Sections 36a-53b and 36a-56 and, for a period of one year from August 13, 2008 to not: (a) apply for a mortgage lender, mortgage correspondent lender, mortgage broker or mortgage loan originator license, pursuant to Part I of Chapter 668 of the CGS, or (b) serve as an officer or director of any mortgage lender, mortgage correspondent lender or mortgage broker.

On January 20, 2009, the Commissioner entered into a Settlement Agreement with Eagle Mortgage Group, LLC. (“Eagle”).  The Settlement Agreement was based on an examination by the Consumer Credit Division.  As a result of such examination, the Commissioner alleged that Eagle employed or retained, during the period of April 2006 through May 2007, three loan originators without registering them, in violation of Sections 36a-486(b) and 36a-511(b) of the Connecticut General Statutes.  Eagle agreed to voluntarily make a contribution to the State Regulatory Registry LLC, a wholly-owned subsidiary of the Conference of State Bank Supervisors (“CSBS”), in the amount of $3000, to support the Nationwide Mortgage Licensing System, jointly sponsored by the CSBS and the American Association of Residential Mortgage Regulators.  Upon entry of the Settlement Agreement, the matter was resolved.

On January 28, 2009, the Commissioner entered into a Settlement Agreement with Province Mortgage Associates, Inc. (“PMA”).  The Settlement Agreement was based on an examination by the Consumer Credit Division.  As a result of such examination, the Commissioner alleged that PMA employed or retained, during the period of October 2006 through July 2008, four loan originators without registering them, in violation of Section 36a-486(b) of the Connecticut General Statutes.  PMA agreed to voluntarily make a contribution to the State Regulatory Registry LLC, a wholly-owned subsidiary of the Conference of State Bank Supervisors (“CSBS”), in the amount of $4000, to support the Nationwide Mortgage Licensing System, jointly sponsored by the CSBS and the American Association of Residential Mortgage Regulators.  Upon entry of the Settlement Agreement, the matter was resolved.

       Dated:  Tuesday, February 10, 2009