Regulatory Alerts2014-01-24
Added · Updated
Bulletin 2605 - January 24, 2014
The Connecticut Department of Banking revokes and refuses to renew the consumer collection agency license of Commercial Recovery Systems, Inc., orders the entity to cease and desist from violating Connecticut General Statutes Sections 36a-17(d) and 36a-801(b), and imposes a $200,000 civil penalty. This enforcement action addresses the respondent's failure to provide information requested by an examiner during an examination. The bulletin also lists branch openings and relocations for Farmington Bank and Bankwell Bank, noting that public comments on these applications must be submitted in writing within ten days of the bulletin's date.
State of Connecticut Department of Banking
The Department of Banking News Bulletin
Bulletin # 2605 - Week Ending January 24, 2014
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 in writing to Howard F. Pitkin, Banking Commissioner, at the Connecticut Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800 or via E-mail . Written comments will be considered only if they are received within ten days from the date of this bulletin.
STATE BANK ACTIVITY
Branch Activity
Section 36a-145 of the Connecticut General Statutes requires certain applications for a branch, or for a limited branch at which loans will be made, be accompanied by a plan detailing how adequate services to meet the banking needs of all community residents will be provided. Plans are submitted when such applications are filed and are available for public inspection and comment at this Department for a period of 30 days. Questions concerning branch activity should be directed to the Financial Institutions Division, (860) 240-8180.
Date
Bank
Location
Activity
01/23/14
Farmington Bank
Farmington
366 Cromwell Avenue
Rocky Hill, CT 06067
Opening
Date
02/03/14
Bankwell Bank
New Canaan
FROM: 2248 Black Rock Tnpk
Fairfield, CT 06824
TO: 2220 Black Rock Tnpk
Fairfield, CT 06824
Relocation
Effective
Date
02/18/14
Bankwell Bank
New Canaan
FROM: 2150 Post Road
Fairfield, CT 06824
TO: One Sasco Hill Road
Fairfield, CT 06824
Relocation
Effective
Date
CONSUMER CREDIT DIVISION ACTIVITY
Order Revoking and Refusing to Renew Consumer Collection Agency License, Order to Cease and Desist and Order Imposing Civil Penalty
On January 7, 2014, the Commissioner issued an Order Revoking and Refusing to Renew Consumer Collection Agency License, Order to Cease and Desist and Order Imposing Civil Penalty (“Order”) in the Matter of: Commercial Recovery Systems, Inc. (“Respondent”), Dallas, Texas. The Order was based on Respondent’s failure to provide information requested by an examiner of the Consumer Credit Division as part of the examination of Respondent, in violation of Sections 36a-17(d) and 36a-801(b) of the Connecticut General Statutes. The Order revokes and refuses to renew Respondent’s license to act as a consumer collection agency in Connecticut from 8035 East R.L. Thornton Freeway, Suite 220, Dallas, Texas; orders Respondent to cease and desist from violating Sections 36a-17(d) and 36a-801(b) of the Connecticut General Statutes; and imposes a $200,000 civil penalty upon Respondent.
Dated: Tuesday, January 28, 2014
Howard F. Pitkin
Banking Commissioner