Bulletin # 2885 - Week Ending June 7, 2019

STATE BANK ACTIVITY

Consent Order

On June 3, 2019, the Commissioner entered into a Consent Order with Rosemarie Collazo ("Collazo"). The Consent Order was based on an investigation by the Financial Institutions Division. As a result of such investigation, the Commissioner alleged that Collazo violated Sections 36a-53(b)(1)(C), 36a-53(b)(1)(D), and 36a-53(b)(1)(E) of the Connecticut General Statutes. As part of the Consent Order ,Collazo may not hold any position as a director, officer, employee or independent contractor with any bank, Connecticut credit Union or federal credit union or with a holding company that holds a subsidiary that is a bank, or as a licensee or registrant under Title 36a or 36b of the Connecticut General Statutes, without the consent of the Commissioner, and will pay $5,000 as a civil penalty.

CREDIT UNION ACTIVITY

Out-of-State Branch Activity

On June 5, 2019, New Horizons Credit Union, Inc., Cincinnati, Ohio, withdrew its application to establish a branch at 475 Knotter Lane in Cheshire, Connecticut, previously submitted pursuant to Section 36a-462b of the Connecticut General Statutes.

CONSUMER CREDIT DIVISION ACTIVITY

Consent Orders

On May 28, 2019, the Commissioner entered into a Consent Order with Paypool LLC (NMLS # 1572912), Washington, D.C. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that from December 2016 to May 2018, Paypool LLC acted within this state as a money transmitter without the requisite money transmission license, in violation of Section 36a-597(a) of the Connecticut General Statutes. As part of the Consent Order, Paypool LLC paid $10,000 as a civil penalty and $400 as back licensing fees.

 
On May 28, 2019, the Commissioner entered into a Consent Order with FIG Capital Investments, LLC (NMLS # 1822706), Finch Investment Group, LLC d/b/a FIG Taxes (NMLS # 1842445), FIG CT13, LLC, FIG CT18, LLC and FIG CT19, LLC (collectively, “Respondents”), Jacksonville, Florida. The Consent Order was based on a review and investigation by the Consumer Credit Division. As a result of such review and investigation, the Commissioner alleged that from at least January 2017 to May 2019, Respondents acted within this state as consumer collection agencies without the requisite licenses, in violation of Section 36a-801(a) of the Connecticut General Statutes. As part of the Consent Order, Respondents paid $20,000 as a civil penalty and $1,600 as back licensing fees.


On May 28, 2019, the Commissioner entered into a Consent Order with TFC Credit Corporation of California d/b/a TFC Tuition Financing (“TFC”) (NMLS # 1708442), San Ramon, California. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that between October 1, 2016 and September 28, 2018, TFC acted as a student loan servicer in Connecticut without a student loan servicing license, in violation of Section 36a-847(a) of the Connecticut General Statutes, in effect prior to October 1, 2018. As part of the Consent Order, TFC paid $10,000 as a civil penalty and $400 as back licensing fees.