Bulletin # 2615 - Week Ending April 4, 2014

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.

CONSUMER CREDIT DIVISION ACTIVITY

Modification to Findings of Fact, Conclusions of Law and Order and Consent Order

On April 2, 2014, the Commissioner issued a Modification to Findings of Fact, Conclusions of Law and Order and Consent Order (collectively, “Order”) in the Matter of:  CashCall, Inc., NMLS # 38512 (“CashCall”), Anaheim, California, Western Sky Financial, L.L.C. (“Western Sky”), Timber Lake, South Dakota, and Martin A. Webb ("Webb”).  The Order modified certain sanctions contained in the Findings of Fact, Conclusions of Law and Order issued by the Commissioner against CashCall on February 4, 2014.  As modified, the CashCall Findings of Fact, Conclusions of Law and Order (“FFCL&O”) required that:  (1) CashCall cease and desist from conduct the Commissioner deemed violative of Sections 36a 490(c)(3), 36a-555 and 36a-573(a) of the Connecticut General Statutes, (2) CashCall make restitution consistent with the Commissioner’s finding that CashCall violated Section 36a-573(a) of the Connecticut General Statutes, (3) CashCall’s license to act as mortgage lender in Connecticut be revoked, and (4) CashCall pay a civil penalty of $350,000 to the Department of Banking.  The Order also required that:  (1) Western Sky cease and desist from conduct the Commissioner deemed violative of Sections 36a-555 and 36a-573(a) of the Connecticut General Statutes, (2) Webb cease and desist from conduct the Commissioner deemed violative of Section 36a-573(a) of the Connecticut General Statutes, (3) Western Sky and Webb, jointly and severally with CashCall, be liable for the civil penalty and restitution ordered in the FFCL&O, and (4) CashCall, Western Sky and Webb remit the sum of $50,000 to the Department of Banking for the purposes of consumer education and outreach concerning consumer credit matters.