The Department of Banking News Bulletin

Bulletin # 3190 - Week Ending April 11, 2025

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

Temporary Certificate of Authority Issued

On April 3, 2025, a Temporary Certificate of Authority was issued authorizing Fnality International Limited to complete the organization of an innovation bank, under and subject to the provisions of section 36a-70 of the Connecticut General Statutes. The innovation bank is to be known as Fnality Bank US and will be located in Fairfield County, CT. The Temporary Certificate of Authority is valid for a period of eighteen months.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY

Spruce Investment Advisors, LLC (IARD No. 122149)

On April 8, 2025, the Banking Commissioner entered a Consent Order (No. CO-24-202243-S) with respect to Spruce Investment Advisors, LLC, a Securities and Exchange Commission registered investment adviser located at 700 Canal Street, Stamford, Connecticut 06902.

The Consent Order alleged that, from January 1, 2022 until May 20, 2022, the firm failed to make the notice filing required of SEC-registered investment advisers by Section 36b-6(c)(1) of the Connecticut Uniform Securities Act. The firm cured the deficiency on May 20, 2022.

The Consent Order directed the firm to cease and desist from regulatory violations and to pay a $5,000 fine to the department.

Dated: Tuesday, April 15, 2025 

Jorge L. Perez
Banking Commissioner