The Department of Banking News Bulletin
Bulletin # 3221 - Week Ending November 14, 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
Branch Activity
On November 13, 2025, the Commissioner approved an application by Bankwell Bank, a Connecticut Bank, to establish a limited branch pursuant to Section 36a-145(c)(1) of the Connecticut General Statutes. The limited branch will be located at 258 Elm Street, New Canaan, Connecticut 11209. The projected date for the branch opening is during the fourth quarter of 2025.
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
TD Ameritrade, Inc. (CRD No. 7870)
On November 12, 2025, the Banking Commissioner entered a Consent Order (No. CO-25-202523-S) with respect to TD Ameritrade, Inc., a previously registered broker-dealer located at 200 South 108th Avenue, Omaha, Nebraska 68154. The Consent Order followed a multistate investigation and settlement into the firm's charging of commissions in excess of 5% on certain small principal equity transactions from approximately June 30, 2018 to June 30, 2023.
The Consent Order alleged that the firm executed 797 equity transactions in Connecticut which included an unreasonable commission for services performed (i.e., in excess of 5% of the principal trade amount), totaling $10,880.42. The Connecticut Uniform Securities Act and its Regulations prohibit broker-dealers from charging unreasonable commissions for services performed.
The Consent Order also alleged that the firm violated Section 36b-31-6f(b) of the Regulations under the Connecticut Uniform Securities Act by failing to supervise transactions which applied the minimum equity commission.
The Consent Order censured the firm and directed that it pay $10,880.42 in restitution (plus interest) to affected Connecticut customers and report back to the Commissioner concerning its restitution payments. The Consent Order also fined the firm $15,000.
Dated: Tuesday, November 18, 2025
Jorge L. Perez
Banking Commissioner