The Department of Banking News Bulletin

Bulletin # 2807 - Week Ending December 8, 2017

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.


Pursuant to Section 36a-26 of the Connecticut General Statutes (C.G.S.), the Commissioner has determined the deposit index for the calendar year 2018 to be 0.09%.

Rental security deposits (C.G.S. 47a-21(i)): 0.09%

Claims for property, funds, or money delivered to the State Treasurer (C.G.S. 3-70a(e)): 0.09%

Mortgage escrow accounts (C.G.S. 49-2a): 0.10%*
*section requires that the interest rate be not less than the deposit index, rounded to the nearest one-tenth of one percentage point

Public service company, certified telecommunications provider and electric supplier customer security deposits (C.G.S. 16-262j(c)) 1.5% *
*section requires that the interest rate be not less than the higher of the deposit index, rounded to the nearest one-tenth of one percentage point, or 1.5%

These rates are for the period commencing January 1, 2018 and ending December 31, 2018.

PLEASE NOTE: The interest rates provided herein are done as a convenience to the public; the Commissioner has no authority to establish interest rates beyond what is provided in statute. Accordingly, parties required to pay interest under these sections must ensure compliance with the applicable statute(s).


Branch Activity

Section 361-145 of the Connecticut General Statutes requires certain applications for a branch, of 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.

DATE:  December 4, 2017
BANK:  Darien Rowayton Bank, Darien
LOCATION:  855 Main Street, Bridgeport, CT  06604
ACTIVITY-BRANCH TYPE:  Filed - Limited Branch

De Novo Limited Branch and Community Reinvestment Plan

On December 5, 2017, SunTrust Bank, a Georgia-chartered commercial bank and wholly-owned subsidiary of SunTrust Banks, Inc., Atlanta, Georgia, filed an application pursuant to Sections 36a-412(a)(2) and 36a-145(c)(1) of the Connecticut General Statutes, seeking approval to establish a de novo limited branch at Four Greenwich Office Park, Greenwich, Connecticut. In connection with this application, SunTrust Bank filed a community reinvestment plan that is available for public inspection and comment at the Department of Banking for a period of 30 days.


Consent Order

On December 1, 2017, the Commissioner entered into a Consent Order with Siwell, Inc. d/b/a Capital Mortgage Services of Texas (NMLS # 149169) (“Capital Mortgage Services”), Lubbock, Texas. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, on September 7, 2017, 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”) against Capital Mortgage Services. The Commissioner alleged that Capital Mortgage Services failed to designate a qualified individual in accordance with the terms and conditions of a prior consent order, which constituted a violation of an order of the Commissioner. As part of the Consent Order, Capital Mortgage Services paid $5,000 as a civil penalty.

Dated: Tuesday, December 12, 2017

Jorge L. Perez
Banking Commissioner