The Department of Banking News Bulletin
Bulletin # 2574
Bulletin # 2574
Week Ending June 21, 2013
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
Acquisition Statement
On June 19, 2013, pursuant to Section 36a-185 of the Connecticut General Statutes, the Commissioner issued a notice of intent not to disapprove the acquisition by Liberty Bank, a Connecticut-chartered, mutual savings bank headquartered in Middletown, Connecticut, of 100 percent on the voting securities of Southern Connecticut Bancorp, Inc., a Connecticut corporation, and indirectly The Bank of Southern Connecticut, a Connecticut-chartered stock bank. Also on June 19, 2013, the Commissioner, pursuant to Section 36a-125 of the Connecticut General Statutes, approved the merger of The Bank of Southern Connecticut with and into Liberty Bank, which will result in Liberty Bank being the sole surviving entity.
Acquisition Statement
CONSUMER CREDIT DIVISION ACTIVITY
Amended & Restated Temporary Order to Cease and Desist, Amended & Restated
Order to Make Restitution, Amended & Restated Notice of Intent to Issue Order to
Cease and Desist, Amended & Restated Notice of Intent to Impose Civil Penalty
and Notice of Intent to Revoke Mortgage Lender Licenses
Amended & Restated Temporary Order to Cease and Desist, Amended & Restated
Order to Make Restitution, Amended & Restated Notice of Intent to Issue Order to
Cease and Desist, Amended & Restated Notice of Intent to Impose Civil Penalty
and Notice of Intent to Revoke Mortgage Lender Licenses
On June 5, 2013, the Commissioner issued an Amended and Restated Temporary Order to Cease and Desist, Amended and Restated Order to Make Restitution, Amended and Restated Notice of Intent to Issue Order to Cease and Desist, Amended and Restated Notice of Intent to Impose Civil Penalty, Notice of Intent to Revoke Mortgage Lender Licenses and Notice of Right to Hearing (“Amended Notice”) in the Matter of: CashCall, Inc. (NMLS # 38512) (“Respondent”), Anaheim, California. The Amended Notice incorporates the allegations contained in a March 12, 2013, Temporary Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (“Notice”) that Respondent violated Sections 36a-53b, 36a-555 and 36a-573(a) of the Connecticut General Statutes, and further alleges that (1) Respondent failed to promptly file with the Nationwide Mortgage Licensing System and Registry notification of the Notice, in violation of Section 36a-490(c)(3) of the Connecticut General Statutes, and (2) the Commissioner is unable to find that Respondent demonstrates the requisite character and general fitness to command the confidence of the community and to warrant a determination that Respondent will operate honestly, fairly and efficiently within the purposes of Sections 36a-485 to 36a-498f, inclusive, 36a-534a and 36a-534b of the Connecticut General Statutes, as required of mortgage lender licensees. A hearing in the matter was held June 19, 2013.
Amended & Restated Notice of Automatic Suspension, Amended & Restated Temporary
Order to Cease and Desist, Amended & Restated Notice of Intent to Revoke
Consumer Collection Agency License, Amended & Restated Notice of Intent to Issue
Order to Cease and Desist and Notice of Intent to Impose Civil Penalty
Order to Cease and Desist, Amended & Restated Notice of Intent to Revoke
Consumer Collection Agency License, Amended & Restated Notice of Intent to Issue
Order to Cease and Desist and Notice of Intent to Impose Civil Penalty
On June 7, 2013, the Commissioner issued an Amended and Restated Notice of Automatic Suspension, Amended and Restated Temporary Order to Cease and Desist, Amended and Restated Notice of Intent to Revoke Consumer Collection Agency License, Amended and Restated Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (“Amended Notice”) in the Matter of: Receivables Management Solutions Incorporated (“Respondent”), W. St. Paul, Minnesota. The Amended Notice incorporates the allegation contained in a May 17, 2013, 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 that Respondent failed to maintain a surety bond that runs concurrently with the period of its consumer collection agency license, and further alleges that Respondent failed to fully cooperate with the Commissioner during the course of an examination, in violation of Section 36a-17(d) of the Connecticut General Statutes. Respondent was afforded an opportunity to request a hearing with regard to the allegation set forth in the Amended Notice.
Dated: Tuesday, June 25, 2013
Howard F. Pitkin
Banking Commissioner