Bulletin # 3101 - Week Ending July 28, 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: July 28, 2023 
BANK: Eastern Connecticut Savings Bank, Norwich 
LOCATION: 688 Boston Post Road, Guilford, CT
ACTIVITY-BRANCH TYPE: Filed Notice of Loan Production Office Closing 
PROPOSED CLOSING DATE: September 15, 2023 

New Bank Activity

On July 25, 2023, the Banking Commissioner issued a final certificate of authority authorizing Banking Circle US, Stamford, Connecticut, to commence the business of an uninsured bank pursuant to Section 36a-70 of the Connecticut General Statutes. The bank is located at 750 Washington Boulevard, Suite 610 in Stamford, Connecticut.

CREDIT UNION ACTIVITY 

Field of Membership Amendment

On July 28, 2023, Nutmeg State Financial Credit Union, Rocky Hill, Connecticut, a Connecticut credit union, filed requests for approval pursuant to Section 36a-438a of the Connecticut General Statutes, to expand its field of membership to include AAA Club Alliance members and employees, and Community Impact Fund members and employees. 

CONSUMER CREDIT DIVISION ACTIVITY

Consent Order

On July 21, 2023, the Commissioner entered into a Consent Order with 1st 2nd MORTGAGE COMPANY OF N.J., INC. (NMLS # 115981) (“1st 2nd MORTGAGE”), Cresskill, New Jersey. The Commissioner alleged that 1st 2nd Mortgage failed to file with the Nationwide Multistate Licensing System and Registry a change of address of its branch office at least thirty (30) calendar days prior to such change and failed to provide a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the Commissioner, in violation of Section 36a-490(b)(2) of the Connecticut General Statutes. As part of the Consent Order, 1st 2nd MORTGAGE paid $500 as a civil penalty.

Consent Order

On July 24, 2023, the Commissioner entered into a Consent Order with Professional Debt Mediation, Inc. d/b/a PDM (NMLS # 903771) (“PDM”), Jacksonville, Florida. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that PDM acted as a consumer collection agency in Connecticut without a license by continuing to conduct consumer collection activity in Connecticut after its license expired on January 1, 2022, in violation of Section 36a-801(a) of the Connecticut General Statutes and a Consent Order dated October 31, 2018. As part of the Consent Order, PDM paid $15,000 as a civil penalty and $400 as a back licensing fee.

Temporary Order to Cease and Desist, Order to Provide Disgorgement, Notice of Intent to Issue Order to Cease and Desist and Notice of Intent to Impose Civil Penalty

On July 18, 2023, the Commissioner issued a Temporary Order to Cease and Desist, Order to Provide Disgorgement, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (collectively, “Order and Notice”) in the Matter of:  Plutus Financial, Inc. d/b/a Abra d/b/a Abra Trade (“Respondent”), Wilmington, Delaware. The Order and Notice was the result of an investigation by the Consumer Credit Division. The Commissioner alleges that Respondent’s engagement in the business of money transmission, and advertising or soliciting such services in this state without obtaining the required license constitutes at least one violation for each Connecticut customer that custodied funds with Respondent, or a total of at least 320 violations of Section 36a-597(a) of the Connecticut General Statutes. As part of the Order to Provide Disgorgement, Respondent was ordered to disgorge to the Department all fees received as a result of engaging in the business of money transmission in violation of Section 36a 597(a) of the Connecticut General Statutes. Respondent was afforded an opportunity to request a hearing with regard to the allegations set forth in the Order and Notice.