Bulletin 2732 - July 1, 2016

State of Connecticut
Department of Banking

The Department of Banking News Bulletin

Bulletin # 2732 -
Week Ending July 1, 2016

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 Jorge L. Perez, Banking Commissioner, Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800. 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, address how the establishment of the branch will be consistent with safe and sound banking practices and promote the public convenience and advantage. 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-Branch Type

07/21/16

United Bank

Rockville

100 Cummings Center

Beverly, MA 01915

Closing Date - Loan

Production Office

(Correction - Previously

reported as 07/11/16)

CREDIT UNION ACTIVITY

Merger

On June 30, 2016,
Cornerstone Community Credit Union
(“Cornerstone”), a Connecticut credit union, and Wallingford Municipal Federal Credit Union (“Wallingford”), a federal credit union, filed an application pursuant to Section 36a-468a of the Connecticut General Statutes seeking approval to merge Wallingford with and into Cornerstone. As part of the application, Cornerstone is proposing a field of membership that would consist of Fairfield County and the following towns: Milford, Orange, West Haven, New Haven, Hamden, North Haven, North Branford, Wallingford, Cheshire and Meriden.

CONSUMER CREDIT DIVISION ACTIVITY

Temporary Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Issue Order to Cease and Desist and Notice of Intent to Impose Civil Penalty

On June 20, 2016, the Commissioner issued a Temporary Order to Cease and Desist, Order to Make Restitution (“Order to Make Restitution”), Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (collectively “Notice”) in the Matter of:
American Capital Revitalization Group a/k/a ifixcredit.org (“Respondent”), Beverly Hills, California. The Notice was the result of an investigation by the Consumer Credit Division. The Commissioner alleges that Respondent engaged in debt negotiation in this state without obtaining the required license, in violation of Section 36a-671(b) of the Connecticut General Statutes. As part of the Order to Make Restitution, Respondent was ordered to repay $2,650 plus interest to an identified Connecticut debtor and to repay to any other Connecticut debtor who entered into an agreement for debt negotiation services with Respondent on or after October 1, 2009, any fees paid by such Connecticut debtor to Respondent plus interest. The Commissioner also found that public welfare required the issuance of a Temporary Order to Cease and Desist against Respondent. Respondent was afforded an opportunity to request a hearing with regard to the allegation set forth in the Notice.

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

On June 21, 2016, 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:
Bradford Financial, Incorporated
(NMLS # 18736) (“Respondent”), Waterford, Connecticut. The Notice was the result of an investigation by the Consumer Credit Division. The Commissioner alleges that Respondent failed to file certain annual information required on the Nationwide Multistate Licensing System and Registry, in violation of Section 36a-534b(c)(3) of the Connecticut General Statutes. Respondent was afforded an opportunity to request a hearing on the allegation set forth in the Notice.

On June 21, 2016, 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:
KASH MORTGAGE LLC
(NMLS # 100317) (“Respondent”), Milford, Connecticut. The Notice was the result of an investigation by the Consumer Credit Division. The Commissioner alleges that Respondent failed to file certain annual information required on the Nationwide Multistate Licensing System and Registry, in violation of Section 36a-534b(c)(3) of the Connecticut General Statutes. Respondent was afforded an opportunity to request a hearing on the allegation set forth in the Notice.

On June 21, 2016, 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:
Regional Home Mortgage, L.L.C. d/b/a Regional Reverse Mortgage (NMLS # 4855) (“Respondent”), Cranford, New Jersey. The Notice was the result of an investigation by the Consumer Credit Division. The Commissioner alleges that Respondent failed to file certain annual information required on the Nationwide Multistate Licensing System and Registry, in violation of Section 36a-534b(c)(3) of the Connecticut General Statutes. Respondent was afforded an opportunity to request a hearing on the allegation set forth in the Notice.

On June 21, 2016, 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:
Silvermine Ventures, LLC d/b/a Thoroughbred Mortgage LLC d/b/a Thoroughbred Mortgage (NMLS # 975428) (“Respondent”), Rye Brook, New York. The Notice was the result of an investigation by the Consumer Credit Division. The Commissioner alleges that Respondent failed to file certain annual information required on the Nationwide Multistate Licensing System and Registry, in violation of Section 36a 534b(c)(3) of the Connecticut General Statutes. Respondent was afforded an opportunity to request a hearing on the allegation set forth in the Notice.

On June 21, 2016, 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:
USN Mortgage Inc
(NMLS # 258494) (“Respondent”), Hicksville, New York. The Notice was the result of an investigation by the Consumer Credit Division. The Commissioner alleges that Respondent failed to timely file certain annual information required on the Nationwide Multistate Licensing System and Registry, in violation of Section 36a-534b(c)(3) of the Connecticut General Statutes. Respondent was afforded an opportunity to request a hearing on the allegation set forth in the Notice.

Consent Order

On June 22, 2016, the Commissioner issued a Consent Order against Mid America Mortgage, Inc. d/b/a 1st Tribal Lending (NMLS # 150009) (“Mid America”), Addison, Texas. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that, from approximately January 2015 to May 2016, Mid America acted as a mortgage servicer while neither licensed nor exempt from licensure, in violation of Section 36a-718 of the 2016 Supplement to the General Statutes. To resolve the matters alleged, Mid America became licensed as a mortgage lender and provided the supplemental mortgage servicer surety bond, fidelity bond and errors and omissions coverage required pursuant to Section 36a-719c of the 2016 Supplement to the General Statutes and paid a civil penalty of $10,000.

Dated: Wednesday, July 6, 2016

Jorge L. Perez
Banking Commissioner