Bulletin # 2988 - Week Ending May 28, 2021

STATE BANK ACTIVITY

Branch Activity

Section 36a-145 of the Connecticut General Statutes requires certain applications for a branch or 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 the Department for a period of 30 days. Questions concerning branch activity should be directed to the Financial Institutions Division, (860) 240-8180.

DATE: May 25, 2021
BANK: Liberty Bank, Middletown
LOCATION: 127 South Main Street, Beacon Falls, CT 06403
ACTIVITY-BRANCH TYPE: Filed Notice of Branch Closing as of October 1, 2021

DATE: May 25, 2021
BANK: Liberty Bank, Middletown
LOCATION: 774 Farmington Avenue, Bristol, CT 06010
ACTIVITY-BRANCH TYPE: Filed Notice of Branch Closing as of October 1, 2021

DATE: May 25, 2021
BANK: Liberty Bank, Middletown
LOCATION: 7 Main Street, Essex, CT 06426
ACTIVITY-BRANCH TYPE: Filed Notice of Branch Closing as of October 1, 2021

DATE: May 25, 2021
BANK: Liberty Bank, Middletown
LOCATION: 61 Bank Street, New London, CT 06320
ACTIVITY-BRANCH TYPE: Filed Notice of Branch Closing as of October 1, 2021

DATE: May 25, 2021
BANK: Liberty Bank, Middletown
LOCATION: 1570 Southford Road, Southbury, CT 06488
ACTIVITY-BRANCH TYPE: Filed Notice of Branch Closing as of October 1, 2021

DATE: May 25, 2021
BANK: Liberty Bank, Middletown
LOCATION: 1232 Farmington Avenue, West Hartford, CT 06107
ACTIVITY-BRANCH TYPE: Filed Notice of Branch Closing as of October 1, 2021

DATE: May 28, 2021
BANK: Fieldpoint Private Bank & Trust, Greenwich
LOCATION: 2020 Salzedo Street, Suite 300, Coral Gables, FL 33134
ACTIVITY-BRANCH TYPE: Filed to Establish Full Service Branch

DATE: May 28, 2021
BANK: Fieldpoint Private Bank & Trust, Greenwich
LOCATION: 270 W. New England, Suite 268/272, Winter Park, FL 32789
ACTIVITY-BRANCH TYPE: Filed to Establish Full Service Branch

CONSUMER CREDIT DIVISION ACTIVITY

Order Granting Second Motion to Stay Enforcement of Deadline For Remitting Civil Penalty

On May 26, 2021, following a post-hearing motion by respondent 1st Alliance Lending, LLC, the Commissioner issued an Order Granting Respondent’s Second Motion to Stay Enforcement of Deadline for Remitting Civil Penalty “through the final resolution of 1st Alliance's anticipated appeal” of the Commissioner's April 16, 2021 final Findings of Fact, Conclusions of Law and Order that imposed a $750,000 civil penalty against the firm. On May 6, 2021, the Commissioner previously extended the payment due date through May 31, 2021 to coincide with the 45 day window for filing an administrative appeal under Section 4-183 of the Connecticut General Statutes.

The second extension was expressly conditioned on Respondent posting a $750,000 surety bond with the Department on or before June 9, 2021. If Respondent fails to post the bond, or if the bond, once posted, ceases to be in effect, the second stay would be automatically lifted as of that date without further action of the Commissioner.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY

Notice of Intent to Revoke and Cancel Registration as a Broker-dealer

On May 27, 2021, the Banking Commissioner issued a Notice of Intent to Revoke and Cancel Registration as a Broker-dealer and Notice of Right to Hearing (Docket No. NRC-21-20205-S) against CV Brokerage, Inc., a Connecticut-registered broker-dealer located at 1521 East Malaga Road, Williamstown, New Jersey 08094. The action alleged that (1) on March 13, 2020, the Financial Industry Regulatory Authority (“FINRA”) expelled the firm from membership for failing to pay fines and/or costs; (2) the firm's broker-dealer registration had been terminated, canceled or revoked in approximately 32 jurisdictions other than Connecticut; (3) none of the firm's direct owners and executive officers were registered as agents of the firm in any jurisdiction; (4) the firm no longer had any agents registered under the Connecticut Uniform Securities Act; and (5) the firm failed to respond to multiple written communications from the Department concerning the agency's regulatory concerns.
 
The action further alleged that the FINRA expulsion supported revoking the firm's broker-dealer registration under Section 36b-15 of the Connecticut Uniform Securities Act, and that the firm's apparent cessation of business supported the entry of an order canceling the firm's registration.
 
CV Brokerage, Inc. was afforded an opportunity to request a hearing on the allegations in the action.

      Dated:  Wednesday, June 2, 2021