Bulletin 2639 - September 19, 2014

State of Connecticut Department of Banking

The Department of Banking News Bulletin

Bulletin # 2639 - Week Ending September 19, 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 above address.  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

08/25/14

Liberty Bank

Middletown

548 Main Street

Middletown, CT  06457

Into

315 Main Street

Middletown, CT  06457

Filed to Consolidate

Effective 10/01/14

CREDIT UNION ACTIVITY

Conversion

On September 18, 2014, Nutmeg Federal Credit Union , a federal credit union with its main office in Rocky Hill, Connecticut, filed an application to convert to a Connecticut credit union pursuant to Section 36a-469b of the Connecticut General Statutes and an application to expand its field of membership to include the county of New Haven, Connecticut pursuant to Sections 36a-437a(h) and 36a-438a(d) of the Connecticut General Statutes.

CONSUMER CREDIT DIVISION ACTIVITY

Check Cashing Service License Activity

Date

Check Casher

Location

Activity

9/10/14

TA Operating LLC

d/b/a Travel Centers

of America

3 East Industrial Road

Branford, CT  06405

Filed

9/10/14

TA Operating LLC

d/b/a Travel Centers

of America

1875 Meriden-Waterbury Tnpk

Milldale, CT  06467

Filed

Consent Order

On September 9, 2014, the Commissioner entered into a Consent Order with Sound Mortgage, LLC (NMLS # 71423) (“Sound Mortgage”), Guilford, Connecticut.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, on May 5, 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 against Sound Mortgage.  The Commissioner alleged that Sound Mortgage failed to timely 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, Sound Mortgage paid $4,500 as a civil penalty.

Notice of Intent to Issue Order to Cease and Desist a nd Notice of Intent to Impose Civil Penalty

On September 11, 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 (“Notice”) in the Matter of: Hatfield Portfolio Group LLC f/k/a Harbinger Processing Group LLC (“Respondent”), Getzville, New York.  The Notice was the result of an investigation by the Consumer Credit Division.  The Commissioner alleges that Respondent acted within this state as a consumer collection agency without a consumer collection agency license, in violation of Section 36a-801(a) of the 2014 Supplement to the General Statutes.  Respondent was afforded an opportunity to request a hearing with regard to the allegation set forth in the Notice.

Order Vacating Notice of Automatic Suspension, Order Vacating Temporary Order to Cease and Desist, Order Vacating Notice of Intent to Revoke Consumer Collection Agency License and Order Vacating Notice of Intent to Issue Order to Cease and Desist

On September 15, 2014, the Commissioner issued an Order Vacating the Notice of Automatic Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke Consumer Collection Agency License, Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing issued on August 26, 2014 (“Notice”) in the Matter of: Bureau of Collection Recovery, LLC (“Respondent”), Eden Prairie, Minnesota.  The Notice was the result of an investigation by the Consumer Credit Division.  The Notice alleged that Respondent failed to maintain a surety bond that runs concurrently with the period of its consumer collection agency license for its office located at 7575 Corporate Way, Eden Prairie, Minnesota, in violation of Section 36a-802(a) of the 2014 Supplement to the General Statutes.  However, the Respondent had surrendered such license on July 1, 2014.

Dated:  Tuesday, September 23, 2014

Howard F. Pitkin Banking Commissioner