Bulletin # 3123 - Week Ending December 29, 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: December 26, 2023
BANK: Field Point Private Bank & Trust, Greenwich
LOCATION: 300 Park Avenue, Suite 2502, New York, NY 10022
ACTIVITY-BRANCH TYPE: Filed Notice of Branch Closing
PROPOSED CLOSING DATE: On or about March 31, 2024

DATE: December 26, 2023
BANK: Field Point Private Bank & Trust, Greenwich
LOCATION: 272 W. New England Avenue, Winter Park, FL 32789
ACTIVITY-BRANCH TYPE: Filed Notice of Branch Closing
PROPOSED CLOSING DATE: On or about March 31, 2024

CONSUMER CREDIT DIVISON ACTIVITY

Order Revoking Money Transmission License, Order to Cease and Desist and Order Imposing Civil Penalty

On December 20, 2023, the Commissioner issued an Order Revoking Money Transmission License, Order to Cease and Desist and Order Imposing Civil Penalty (“Order”) in the Matter of: West Realm Shires Services Inc. d/b/a FTX US (NMLS # 1957771) (“Respondent”), Chicago, Illinois. The basis of the Order was that (1) Respondent’s failure to transmit monetary value received from Connecticut purchasers is a conduct that is likely to materially prejudice the interests of purchasers, which constitutes an unsafe or unsound practice within the meaning of Section 36a-608(a) of the Connecticut General Statutes and constitutes sufficient grounds to revoke Respondent’s license to engage in the business of money transmission in Connecticut pursuant to Section 36a 608(b)(5) of the Connecticut General Statutes and subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes, and forms the basis to issue an order to cease and desist against Respondent pursuant to Sections 36a-608(c) and 36a-52(a) of the Connecticut General Statutes, and to impose a civil penalty against Respondent pursuant to Sections 36a-608(c) and 36a-50(a) of the Connecticut General Statutes; and (2) Respondent’s failure to maintain a surety bond that runs concurrently with the period of its money transmission license, as required pursuant to Section 36a-602(a) of the Connecticut General Statutes, constitutes sufficient grounds for the Commissioner to deny an initial license under Section 36a-598 of the Connecticut General Statutes and constitutes sufficient grounds for the Commissioner to revoke Respondent’s license to engage in the business of money transmission in Connecticut pursuant to Sections 36a-602(c) and 36a-608(b) of the Connecticut General Statutes and subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes. The Order revokes Respondent’s license to engage in the business of money transmission in Connecticut, orders Respondent to cease and desist from engaging in an unsafe or unsound practice within the meaning of Section 36a-608(a) of the Connecticut General Statutes, and imposes a civil penalty in the amount of $1,000,000 upon Respondent.