The Department of Banking News Bulletin 

Bulletin # 3053 - Week Ending August 26, 2022

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 business days from the date of this bulletin.


Section 36a-145 of the Connecticut General Statutes requires that 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 may be submitted when such applications are filed and any plans that are filed will be made 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 at (860) 240-8180.

Branch Activity

DATE: August 25, 2022
BANK: Union Savings Bank, Danbury
LOCATION: 828 Federal Road, Brookfield, CT 06804
ACTIVITY-BRANCH TYPE: Filed Notice of Branch Closing

DATE: August 26, 2022
BANK: Ion Bank, Naugatuck
LOCATION: Crosby High School, 300 Pierpont Road, Waterbury, CT 06705
ACTIVITY-BRANCH TYPE: Approved to Establish Limited Branch


Field of Membership Amendment

On August 24, 2022, Achieve Financial Credit Union, a Connecticut credit union, filed a request for approval to amend its bylaws pursuant to Section 36a-437a(h)(3) of the Connecticut General Statutes to change its field of membership from a multiple common bond membership to a community membership including Hartford and New Haven counties.


Order to Cease and Desist and Order Imposing Civil Penalty

On August 18, 2022, the Commissioner issued an Order Revoking Consumer Collection Agency License, Order to Cease and Desist and Order Imposing Civil Penalty (“Order”) in the Matter of: CONNECTICUT MEDICAL FINANCIAL SERVICES, INC. d/b/a C.M. FINANCIAL SERVICES INC, NMLS # 1389326 (“CT Medical”), Spring Hill, Florida. The basis of the Order was that CT Medical failed to provide information requested during an examination, in violating of Section 36a-17(e) of the Connecticut General Statutes in effect at such time, and CT Medical’s conduct rendered the Commissioner unable to determine that the financial responsibility, character, reputation, integrity and general fitness are such to warrant belief that the business will be operated soundly and efficiently, in the public interest and consistent with the purposes of Section 36a-800 to 36a-814, inclusive, as required pursuant to Section 36a-801(c)(2) of the Connecticut General Statutes in effect at such time. In addition, CT Medical failed to maintain a surety bond that runs concurrently with the period of its consumer collection agency license. The Commissioner (1) revoked CT Medical’s license to act as a consumer collection agency in Connecticut from its main office at 8395 Philadelphia Avenue, Spring Hill, Florida; (2) ordered CT Medical to cease and desist from violating Section 36a-17(e) of the 2022 Supplement to the General Statutes; and (3) imposed a $100,000 civil penalty upon CT Medical.

      Dated:  Tuesday, August 30, 2022

      Jorge L. Perez
      Banking Commissioner