Bulletin # 2637 - Week Ending September 5, 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 above address.  Written comments will be considered only if they are received within ten days from the date of this bulletin.

STATE BANK ACTIVITY

New Bank Activity

On September 3, 2014, the Banking Panel, consisting of the Banking Commissioner, State Treasurer and State Comptroller, issued a final certificate of authority pursuant to Section 36a-70 of the Connecticut General Statutes authorizing Voya Institutional Trust Company, Windsor, Connecticut, to commence the business of a trust bank. The bank officially opened on the same date at One Orange Way, Windsor, Connecticut.  Also on September 3, 2014, the Banking Commissioner issued a notice of intent pursuant to Section 36a-185 of the Connecticut General Statutes not to disapprove the acquisition by Lion Connecticut Holdings, Inc., a Connecticut corporation, of 100% of the outstanding shares of common stock of Voya Institutional Trust Company.

Change of Name

On September 4, 2014, pursuant to Section 36a-82 of the Connecticut General Statutes, Darien Rowayton Bank, Darien, Connecticut, filed an application with the Commissioner to change its name to DRB Bank.  Written objections to such application may be made, for a period of 30 days from the date of publication of this Bulletin, on the grounds that the name selected will tend to confuse the public.

CONSUMER CREDIT DIVISION ACTIVITY

Notice of Automatic Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke Consumer Collection Agency License and Notice of Intent to Issue Order to Cease and Desist

On August 26, 2014, the Commissioner issued 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 (“Notice”) in the Matter of:  Bureau of Collection Recovery, LLC (“Respondent”), Eden Prairie, Minnesota.  The Notice was the result of an investigation by the Consumer Credit Division.  The Notice alleges that Respondent failed to maintain a surety bond that runs concurrently with the period of its consumer collection agency license for its office located at 7575 Corporate Way, Eden Prairie, Minnesota, in violation of Section 36a-802(a) of the 2014 Supplement to the General Statutes.  The Commissioner also found that public welfare required the issuance of a Temporary Order to Cease and Desist.  Respondent was afforded an opportunity to request a hearing with regard to the allegation set forth in the Notice.

Notice of Intent to Issue Order to Cease and Desist and Notice of Intent to Impose Civil Penalty

On August 26, 2014, the Commissioner issued a 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:  Carollo, Joseph E. d/b/a Carollo Mortgage (NMLS # 93416) (“Respondent”), South Glastonbury, Connecticut.  The Notice was the result of an investigation by the Consumer Credit Division.  The Notice alleges that Respondent failed to timely file certain quarterly information required on the Nationwide Mortgage Licensing System and Registry, in violation of Section 36a-534b(c)(3) of the Connecticut General Statutes and in violation of an order of the Commissioner.  Respondent was afforded an opportunity to request a hearing on the allegations set forth in the Notice.

Consent Orders

On August 27, 2014, the Commissioner entered into a Consent Order with The Acocella Law Group, P.C. (“Acocella Law Group”), Woodbury, New York.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, the Commissioner alleged that Acocella Law Group engaged and offered to engage in debt negotiation in this state without the required license, in violation of Section 36a 671(b) of the Connecticut General Statutes  As part of the Consent Order, Acocella Law Group paid $5,000 as a civil penalty.

On August 29, 2014, the Commissioner entered into a Consent Order with SBBNet, Inc. d/b/a LoanBright (NMLS # 1807) (“SBBNet”), Evergreen, Colorado.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, on May 15, 2014, the Commissioner issued a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing against SBBNet.  The Commissioner alleged that SBBNet failed to timely file certain annual information required by mortgage call reports, in violation of Section 36a 534b(c)(3) of the Connecticut General Statutes.  As part of the Consent Order, SBBNet paid $2,500 as a civil penalty.

On August 29, 2014, the Commissioner entered into a Consent Order with World First USA, Inc. (“World First”), Arlington, Virginia.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, the Commissioner alleged that World First, during the period of September 2012 to February 2014, engaged in the business of money transmission without the required license, in violation of Section 36a-597(a) of the Connecticut General Statutes in effect prior to October 1, 2013, and Section 36a-597(a) of the 2014 Supplement to the General Statutes.  As part of the Consent Order, World First paid $10,000 as a civil penalty and $1,435.50 as payment for back licensing fees.

Dated:  Tuesday, September 9, 2014

Howard F. Pitkin
Banking Commissioner