Bulletin # 2730 - Week Ending June 17, 2016

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 Jorge L. Perez, Banking Commissioner, Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800.  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, address how the establishment of the branch will be consistent with safe and sound banking practices and promote the public convenience and advantage.  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.

Conversion

On June 15, 2016, Fieldpoint Private Bank & Trust, a federally-chartered stock savings bank with its main office in Greenwich, Connecticut, filed an application pursuant to Section 36a-137 of the Connecticut General Statutes to convert into a  Connecticut bank and trust company.

CONSUMER CREDIT DIVISION ACTIVITY

Consent Order

On June 8, 2016, the Commissioner entered into a Consent Order with Falcon Funding LLC (NMLS # 842865) (“Falcon Funding”), Hamden, Connecticut, Deborah Ann Moxam (NMLS # 74194) (“Moxam”), and Ian M. Williams (NMLS # 93397) (“Williams”) (collectively, “Respondents”).  The Consent Order was based on an examination and investigation by the Consumer Credit Division.  As a result of such examination and investigation, on March 7, 2016, the Commissioner issued a Temporary Order to Cease and Desist, Order of Summary Suspension, Notice of Intent to Revoke Mortgage Broker License, Notice of Intent to Revoke Mortgage Loan Originator Licenses, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (collectively “Order and Notice”), which was later amended and restated on May 2, 2016 (“Amended and Restated Order and Notice”).  The Commissioner alleged that Respondents failed to produce loan files during an examination, altered loan file documents, and failed to cooperate with the Commissioner, each contributing to their respective failure to demonstrate the character and general fitness such as to command the confidence of the community and to warrant a determination that each Respondent will operate honestly, fairly and efficiently.  As part of the Consent Order, Falcon Funding, and any successor in interest, is barred from acting as a mortgage broker in Connecticut or in any other capacity which requires a license or registration from the Commissioner, while Moxam and Williams are each barred from acting as a mortgage loan originator or loan processor or underwriter in Connecticut and from acting as a control person of a mortgage broker, mortgage lender or mortgage correspondent lender in Connecticut.