Bulletin # 2752 - Week Ending November 18, 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.

CREDIT UNION ACTIVITY

Merger

On November 16, 2016, the Commissioner approved the merger of Wallingford Municipal Federal Credit Union (“Wallingford”), a federal credit union, with and into Cornerstone Community Credit Union (“Cornerstone”), a Connecticut credit union, pursuant to Section 36a-468a of the Connecticut General Statutes. In conjunction with the merger, Cornerstone’s field of membership will expand to include the following towns: Milford, Orange, West Haven, New Haven, Hamden, North Haven, and Wallingford. 

CONSUMER CREDIT DIVISION ACTIVITY

Consent Order

On November 7, 2016, the Commissioner entered into a Consent Order with Professional Collection LLC (NMLS # 1479552) (“ProCo”), Aston, Pennsylvania.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, the Commissioner alleged that ProCo acted within this state as a consumer collection agency without the requisite consumer collection agency license, in violation of Section 36a-801(a) of the 2016 Supplement to the General Statutes.  As part of the Consent Order, ProCo paid $10,000 as a civil penalty and $1,000 as a back licensing fee.

On November 7, 2016, the Commissioner entered into a Consent Order with Bradford Financial, Incorporated (NMLS #18736) (“Bradford Financial”), Waterford, Connecticut.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, on June 21, 2016, 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.  The Commissioner alleged that Bradford Financial failed to file certain annual and quarterly 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, Bradford Financial paid $2,500 as a civil penalty.

Notice of Intent Not to Renew Mortgage Lender License, Notice of Intent to Issue Order to Cease and Desist and Notice of Intent to Impose Civil Penalty

On November 9, 2016, the Commissioner issued a Notice of Intent Not to Renew Mortgage Lender 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:  Approved Funding Corp. (NMLS # 5411) (“Respondent”), River Edge, New Jersey.  The Notice was the result of an investigation by the Consumer Credit Division.  The Commissioner alleges that Respondent failed to timely file certain annual information required on the Nationwide Multistate Licensing System and Registry and that failure to timely file such information constitutes a violation of Section 36a-534b(c)(3) of the Connecticut General Statutes, constitutes violations of orders of the Commissioner, and renders the Commissioner unable to find that Respondent meets certain minimum standards for renewal licensure.  Respondent was afforded an opportunity to request a hearing on the allegations set forth in the Notice.

Order Revoking Consumer Collection Agency License and Order to Cease and Desist

On November 9, 2016, the Commissioner issued an Order Revoking Consumer Collection Agency License and Order to Cease and Desist (“Order”) in the Matter of:  Vision Financial Corp (NMLS # 933185) (“Respondent”), Rockford, Illinois and St Louis, Missouri.  The Order was based on Respondent’s failure to maintain a surety bond that runs concurrently with the period of its consumer collection agency license, in violation of Section 36a-802(a) of the Connecticut General Statutes.  The Order revokes Respondent’s license to act as a consumer collection agency in Connecticut from 5301 East State Street, Lower Level, Rockford, Illinois, and orders Respondent to cease and desist from violating Section 36a 802(a) of the Connecticut General Statutes.