The Department of Banking News Bulletin
Bulletin # 2501 - Week Ending January 27, 2012
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.
STATE BANK ACTIVITY
Branch Activity
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.
| Date | Bank | Location | Activity |
|---|---|---|---|
| 01/23/12 |
Liberty Bank
Middletown
|
* 626 East Main Street
Meriden, CT 06450
|
filed
|
|
*Limited Branch
|
|
||
CREDIT UNION ACTIVITY
Merger
On January 24, 2012, pursuant to Section 36a-468a of the Connecticut General Statutes, Enbic Company Employees Credit Union, Inc., Simsbury, Connecticut, a Connecticut credit union and 360 Federal Credit Union, Windsor Locks, Connecticut, a federally-chartered credit union, were granted approval for the merger of Enbic Company Employees Credit Union, Inc., with and into 360 Federal Credit Union.
CONSUMER CREDIT DIVISION ACTIVITY
Notice of Intent to Revoke and Refuse to Renew Broker License, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty
On January 9, 2012, the Commissioner issued a Notice of Intent to Revoke and Refuse to Renew Mortgage Broker License, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (“Notice”) in the Matter of: Mortgage Store of Connecticut, LLC (NMLS # 108411) (“Respondent”), Hamden, Connecticut. The Notice alleged that Respondent: (1) employed or retained three (3) individuals who were not registered as originators or licensed as mortgage loan originators, in violation of Section 36a-486(b) of the then applicable Connecticut General Statutes; (2) failed to have at its main office a qualified individual as required by Section 36a-488(a)(1)(B) of the Connecticut General Statutes; and (3) answered “no” to Question 29 of its Uniform Manager’s Questionnaire dated August 22, 2011, which response constitutes the making or causing to be made in a document filed with the Commissioner a statement which is, at the time and in the light of the circumstance under which it is made, false and misleading in a material respect, in violation of Section 36a-53a of the Connecticut General Statutes. Respondent was afforded an opportunity to request a hearing with regard to the allegations set forth in the Notice.
Consent Orders
On January 6, 2012, the Commissioner entered into a Consent Order with Luna’s Pay A Bill, LLC (“Luna’s”), Hartford, Connecticut. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that Luna’s, during the period of January 2008 through June 2011, engaged in the business of cashing checks, drafts and money orders for consideration without licensure for a general facility or limited facility at 82 East Main Street, Meriden, Connecticut, in violation of Section 36a-581(a) of the Connecticut General Statutes. As part of the Consent Order, Luna’s was ordered to pay $3,000 as a civil penalty.
On January 13, 2012, the Commissioner entered into a Consent Order with Golden State Debt Management Corp. (“Golden State”), Torrance, California. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that from at least December 2008 through April 2011, Golden State engage in debt adjustment in this state without having obtained the required license, in violation of Section 36a-656(a) of the Connecticut General Statutes. As part of the Consent Order, Golden State was ordered to pay $3,000 as a civil penalty and to repay to Connecticut residents such amounts that were collected but not due to such residents’ creditors.
On January 23, 2012, the Commissioner entered into a Consent Order with CU Member Services, LLC (“CU Member Services’’), Springfield, Massachusetts. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged in a Notice of Automatic Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke Consumer Collection Agency License, Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing issued against CU Member Services on September 30, 2011, that CU Member Services failed to maintain a surety bond that ran concurrent with the period of its consumer collection agency license in Connecticut for 82 Maple Street, Springfield, Massachusetts, in violation of Section 36a-802(a) of the Connecticut General Statutes. As part of the Consent Order, CU Member Services was ordered to surrender its consumer collection agency license in Connecticut.