Regulatory Alerts2014-10-10
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Bulletin 2642 - October 10, 2014
The Connecticut Department of Banking accepted a Consent Order with SolidTrust Pay, requiring the payment of a $25,000 civil penalty and $7,625 in back licensing fees for unlicensed money transmission. A separate Consent Order with Vanderbilt Securities, LLC mandated the retention of a consultant to review supervisory procedures and the submission of an implementation plan, following the firm's failure to maintain adequate compliance systems for its Danbury office. Additionally, the bulletin announced a 30-day public comment period for a limited branch application filed by Torrington Savings Bank in Torrington.
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