Regulatory Alerts2018-01-26
Added · Updated
Bulletin 2814 - January 26, 2018
Fairfield County Bank relocated its branch from 1312 Post Road to 2000 Post Road, Suite 103 in Fairfield, CT, effective as a full-service branch. Darien Rowayton Bank withdrew its application for a limited branch located at 1995 Broadway, 14th Floor, New York, NY. The Commissioner issued a Temporary Order to Cease and Desist and an Order to Make Restitution against RMMG, LLC for engaging in unlicensed debt negotiation in Connecticut, requiring the repayment of fees plus interest to affected debtors.
State of Connecticut Department of Banking
The Department of Banking News Bulletin
Bulletin # 2814 - Week Ending January 26, 2018
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 business days from the date of this bulletin.
STATE BANK ACTIVITY
Branch Activity
Section 361-145 of the Connecticut General Statutes requires certain applications for a branch, of 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: December 18, 2017
BANK: Fairfield County Bank, Ridgefield
LOCATION: FROM: 1312 Post Road, Fairfield, CT 06824 TO: 2000 Post Road, Suite 103, Fairfield, CT 06824
ACTIVITY-BRANCH TYPE: Relocated Branch Effective Date - Full Service
DATE: January 12, 2018
BANK: Darien Rowayton Bank, Darien
LOCATION: 1995 Broadway, 14th Floor, New York, NY 10023
ACTIVITY-BRANCH TYPE: Withdrew application for Limited Branch
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 January 16, 2018, 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: RMMG, LLC a/k/a Residential Mortgage Modification Group, LLC (“Respondent” ), Bridgeport and Norwalk, Connecticut. The Notice was the result of an investigation by the Consumer Credit Division. The Commissioner alleges that Respondent, whose members include Todd A. Fagan, Sr. and Rob Ramnath, engaged in debt negotiation in Connecticut 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 fees to identified Connecticut debtors plus interest, and to repay 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.
Dated: Wednesday, January 31, 2018
Jorge L. Perez Banking Commissioner