Regulatory Alerts2016-11-18
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Bulletin 2752 - November 18, 2016
The Commissioner approved the merger of Wallingford Municipal Federal Credit Union into Cornerstone Community Credit Union, expanding the latter's field of membership to include seven Connecticut towns. The Department entered into Consent Orders requiring Professional Collection LLC to pay a $10,000 civil penalty and $1,000 licensing fee, and Bradford Financial to pay a $2,500 civil penalty for regulatory violations. Additionally, the Commissioner issued a Notice of Intent not to renew the mortgage lender license of Approved Funding Corp and revoked the consumer collection agency license of Vision Financial Corp for failing to maintain a required surety bond.
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