The Department of Banking News Bulletin

Bulletin # 3168 - Week Ending November 8, 2024

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 directed to Jorge L. Perez, Banking Commissioner. Written comments will be considered only if they are received within ten business days from the date of this bulletin.

BANK ACTIVITY

Controlling Interest

On November 8, 2024, Bankwell Bank (New Canaan, CT) filed an application pursuant to section 36a-276(d) of the Connecticut General Statutes, to establish a controlling interest in a subsidiary corporation.

Innovation Bank Name Change

On November 7, 2024, Banking Circle US, a Connecticut Innovation Charter Bank, received approval pursuant to Section 36a-70(k) of the Connecticut General Statutes to change its name to BCUS, Inc.

CREDIT UNION ACTIVITY

Conversion

On November 6, 2024, Healthcare Financial Federal Credit Union, a federally chartered credit union with its main office in New Haven, CT, filed an application pursuant to Section 36a-469b of the Connecticut General Statutes to convert into a Connecticut credit union. The proposed target date for this conversion is around the first quarter of 2025.

OTHER FINANCIAL INSTITUTION ACTIVITY

Out-Of-State Trust Company

On October 29, 2024, Midwest Trust Company, a Kansas-chartered non-depository trust company with a principal office in Overland Park, Kansas, filed an application pursuant to Connecticut General Statutes Section 36a-434a to establish a trust office in Shelton, Connecticut.

CONSUMER CREDIT DIVISION ACTIVITY 

Consent Order

On November 5, 2024, the Commissioner entered into a Consent Order with BitPay, Inc. (NMLS # 1496848) (“BitPay”), Atlanta, Georgia. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that BitPay engaged in the business of money transmission in this state without the required license since at least 2016, in violation of Section 36a-597(a) of the Connecticut General Statutes. As part of the Consent Order, BitPay paid $40,000 as a civil penalty and $7,875 as back licensing fees.
 

Dated: Tuesday, November 12, 2024


Jorge L. Perez
Banking Commissioner