Bulletin 2626 - June 20, 2014

State of Connecticut Department of Banking

The Department of Banking News Bulletin

Bulletin # 2626 - Week Ending June 20, 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

7/07/14

Quinnipiac Bank & Trust Company

Hamden

24 Washington Avenue

North Haven, CT  06473

Opening

Date

CONSUMER CREDIT DIVISION ACTIVITY

Consent Order

On June 9, 2014, the Commissioner entered into a Consent Order with Chrysalis Funding of Connecticut, LLC (NMLS # 1253) (“Chrysalis Funding”), Branford, Connecticut.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, on April 28, 2014, the Commissioner issued a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing.  The Commissioner alleged that Chrysalis Funding failed to file certain annual information required by mortgage call reports, in violation of Section 36a 534b(c)(3) of the Connecticut General Statutes and in violation of an order of the Commissioner.  As part of the Consent Order, Chrysalis Funding paid $4,500 as a civil penalty.

Dated:  Tuesday, June 24, 2014

Howard F. Pitkin

Banking Commissioner