Regulatory Alerts2012-08-24
Added · Updated
Bulletin 2531 - August 24, 2012
Eastern Federal Bank filed an application to convert from a federal mutual savings bank to a Connecticut state-chartered mutual savings bank to be known as Eastern Savings Bank. The Banking Commissioner entered a Consent Order with Mullaney Management & Trust, LLC and Raymond Michael Mullaney, fining them $10,000 jointly and severally and requiring the retention of a regulatory consultant for compliance reviews. The Commissioner issued Temporary Orders to Cease and Desist against D & K Holdings, SKD Holdings, The Arize Group, State Law Group, and Haben Habte Tesfai for engaging in unlicensed debt negotiation. Additionally, Frank Albanese and Jeffrey Clark were ordered to pay $10,000 civil penalties each and repay fees for unlicensed debt negotiation, while Weststar Mortgage was ordered to pay a $6,000 civil penalty for employing unregistered mortgage loan originators.