Regulatory Alerts2013-09-13
Added · Updated
Bulletin 2586 - September 13, 2013
The Connecticut Department of Banking placed The Community’s Bank in receivership and appointed the FDIC as receiver due to unsafe or unsound conditions. Naugatuck Savings Bank received approval to change its name to Ion Bank, and The Northern Trust Company of Connecticut filed for merger with Northern Trust Investments, Inc. The Commissioner issued cease and desist orders and civil penalties against Alarcon Law Group, National Legal Associates, and R.M.A. Legal Network for unlicensed debt negotiation, imposing fines of $100,000 and $400,000 respectively. Additionally, a Consent Order established a $100,000 restitution fund for investors in Steadfast Holdings Group, Inc., to be administered by March 30, 2014.
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