Regulatory Alerts2013-09-20
Added · Updated
Bulletin 2587 - September 20, 2013
The Connecticut Department of Banking solicits public comments on branch relocation and closing applications filed by UPS Capital Business Credit, The Washington Trust Company, and Bankwell Bank, with a ten-day deadline for written submissions. The Department entered a Consent Order requiring Summit Funding, Inc. to pay a $2,500 civil penalty for failing to file required mortgage call reports. Additionally, the Department revoked the money transmission licenses of Global Money Remittance, Inc. and InterTransfers, Inc., ordering each to pay a $100,000 civil penalty and cease and desist from unsafe practices and notification violations. The Department also issued cease and desist orders and notices of intent to fine against multiple respondents for selling unregistered securities and engaging in fraudulent schemes, while entering a separate Consent Order against Hollywood Next Holdings LLC and A. Searle Field for unregistered securities offerings, requiring a $50,000 fine.