Section 36a-145 of the Connecticut General Statutes requires certain applications 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 Financial Institutions Division, (860) 240-8180.

The State of Connecticut Department of Banking is hosting Securities Forum 2009:  Financial Services Reform – What It Means to You on Tuesday, October 20, 2009 at the New Haven Lawn Club in New Haven, Connecticut. The abbreviated program (based upon cost considerations) runs from 12:00 p.m. to 4:00 p.m.  The keynote speaker will be Dr. Gary B. Gorton, Frederick Frank Class of 1954 Professor of Management and Finance at the Yale University School of Management.

The program will highlight the Obama Administration’s reform plan and what it affects – risk management, traditional regulators, hedge funds, advisers, mandatory arbitration, derivatives – and more.  In addition, the program will include special segments on regulatory updates of interest to investment advisers and broker-dealers.  The registration fee (which includes luncheon) is $70 per person, discounted to $60 per person for multiple attendees from the same firm.  Don't miss out on this unique opportunity to hear about financial developments from the regulators themselves and to compare notes with other financial services industry professionals. You can download a registration form and read the agenda on the Department's website.

On October 2, 2009, the Banking Commissioner entered into a Stipulation and Agreement with Barnard Jacobs Mellet (USA) LLC, a Connecticut-registered broker-dealer located at 301 Tresser Boulevard, 6th Floor, Stamford, Connecticut.  The Stipulation and Agreement alleged that, from April 2005 forward, the firm employed an unregistered agent in contravention of Section 36b-6 of the Connecticut Uniform Securities Act.  Pursuant to the Stipulation and Agreement, the firm agreed to file an application to register the individual in question; refrain from paying commissions to the individual until the agent registration was in effect; prohibit the individual from engaging in activities requiring registration until the agent was effectively registered in Connecticut; and pay $1,500 to the department.  Of that amount, $1,000 constituted an administrative fine and $500 would be applied to cover reimbursement for past due agent registration fees and the Division’s investigative costs.

On September 25, 2009, the Commissioner issued a Temporary Order to Cease and Desist, Order of Summary Suspension, Notice of Intent to Revoke Mortgage Lender Licenses, Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing (“Notice”) in the Matter of:  Taylor, Bean & Whitaker Mortgage Corp. (“Respondent”).  The Notice alleged that Respondent failed to maintain a surety bond that ran concurrent with its licenses for 950 South Winter Park Drive, Suite 120, Casselberry, Florida; 3950 Premier North Drive, Tampa, Florida; 814 Highway A1A North, Suite 205, Ponte Vedra Beach, Florida; 35 Braintree Hill Park, Suite 402, Braintree, Massachusetts; and 755 Business Center Drive, Suite 150, Horsham, Pennsylvania, in violation of Section 36a-492(a) of the Connecticut General Statutes, as amended by Public Act 09-209.  The Commissioner also found that public welfare required the issuance of a Temporary Order to Cease and Desist and that public safety and welfare required the issuance of an Order of Summary Suspension of Respondent’s mortgage lender licenses in Connecticut.  Respondent was afforded an opportunity to request a hearing with regard to the allegations set forth in the Notice.  A copy of the Notice can be obtained from the Department’s website.

       Dated:  Tuesday, October 6, 2009