Regulatory Alerts2018-11-09
Added · Updated
Bulletin 2855 - November 9, 2018
The Department of Banking solicits written comments on Ion Bank's application to open a full-service branch in Farmington and Mutual Security Credit Union's application to relocate its branch in Norwalk, with comments due within ten business days. Additionally, Cornerstone Community Credit Union and Danbury Cyanamid Employees Credit Union filed for approval to merge under Connecticut General Statutes Section 36a-468a. The Commissioner also entered into consent orders requiring Professional Debt Mediation, Inc. to pay a $10,400 penalty for unlicensed collection agency activity and Argent Trust Company to pay a $5,000 penalty for unlicensed money transmission.
State of Connecticut Department of Banking
The Department of Banking News Bulletin
Bulletin # 2855 - Week Ending November 9, 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
DATE: November 6, 2018
BANK: Ion Bank, Naugatuck
LOCATION: 4 Main Street, Farmington, CT 06032
ACTIVITY-BRANCH TYPE: Filed to Open Full Service Branch
CREDIT UNION ACTIVITY
Branch Activity
DATE: November 9, 2018
BANK: Mutual Security Credit Union, Shelton
LOCATION: FROM: 295 Westport Avenue, Norwalk, CT 06851
TO: 541 Westport Avenue, Norwalk, CT 06851
ACTIVITY: Filed to Relocate
Merger
On November 5, 2018, Cornerstone Community Credit Union ("Cornerstone"), a Connecticut credit union , and Danbury Cyanamid Employees Credit Union, Inc. ("Danbury"), also a Connecticut credit union , filed an application pursuant to Section 36a-468a of the Connecticut General Statutes seeking approval to merge Danbury with and into Cornerstone.
CONSUMER CREDIT DIVISION ACTIVITY
Consent Orders
On October 31, 2018, the Commissioner entered into a Consent Order with Professional Debt Mediation, Inc. d/b/a PDM, Inc. (NMLS # 903771) (“PDM”), Jacksonville, Florida. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that PDM acted within this state as a consumer collection agency without the requisite consumer collection agency license, in violation of Section 36a-801(a) of the of the Connecticut General Statutes or Section 36a-801(a) of the 2018 Supplement to the General Statutes. As part of the Consent Order, PDM paid $10,000 as a civil penalty and $400 as a back licensing fee.
On November 2, 2018, the Commissioner entered into a Consent Order with Argent Trust Company (“Argent”), Nashville, Tennessee. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that Argent engaged in the business of money transmission in this state without a license, in violation of Section 36a-597(a) of the Connecticut General Statutes. As part of the Consent Order, Argent paid $5,000 as a civil penalty.
Dated: Wednesday, November 14, 2018
Jorge L. Perez Banking Commissioner