Bulletin # 3083 - Week Ending March 24, 2023

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.

BANK ACTIVITY

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.

DATE: March 24, 2023
BANK: Liberty Bank, Middletown 
LOCATION: 94 Shaker Road, East Longmeadow, MA 01028
ACTIVITY-BRANCH TYPE: Filed to Establish Full-Service Branch
PROPOSED CLOSING DATE: October 2023

Order for Hearing

A hearing will be held on the application of Vivek Tyagi, Matthew H. Hurlock, Randal K. Quarles, Richard Ravitch, Zach D. Larkin, and Greg M. Giordano to organize Currency Reserve Bank, Greenwich, Connecticut, as a Connecticut uninsured bank pursuant to Section 36a-70(t) of the Connecticut General Statutes. The hearing will take place on April 12, 2023 at 10:00 a.m. at the Department of Banking, 260 Constitution Plaza, Hartford, Connecticut, via videoconference, and via teleconference (860) 840-2075, Conference ID: 756 632 340#. 

CONSUMER CREDIT DIVISION ACTIVITY

Consent Order

On March 21, 2023, the Commissioner entered into a Consent Order with Main Line Recovery Solutions, Inc. d/b/a Collection Recovery Services d/b/a CRS d/b/a/MLR d/b/a MLR Solutions, NMLS # 1733064 (“MLRS”), Glen Mills, Pennsylvania. The Consent Order was based on an examination by the Consumer Credit Division. As a result of such examination, the Commissioner alleged that since at least 2019, MLRS acted as a consumer collection agency in Connecticut without a consumer collection agency license, in violation of Section 36a-801(a) of the Connecticut General Statutes in effect at such time. As part of the Consent Order, MLRS paid $10,000 as a civil penalty and $800 for back licensing fees.