Regulatory Alerts2019-01-18
Added · Updated
Bulletin 2865 - January 18, 2019
The Department of Banking establishes a no-interest loan program for federal workers affected by the government shutdown, requiring participating banks and credit unions to apply as eligible financial institutions. The Commissioner entered into consent orders with Kenneth Jones and Embrace Home Loans, Inc., imposing civil penalties of $5,884 and $500 respectively, while prohibiting Jones from holding regulated positions without consent. Additionally, a consent order with Vir-Sec, Inc. and Christopher Murphy stayed restitution enforcement for three years and barred Murphy from securities activities for the same period. The bulletin also records the approval of branch and loan production office applications for Jewett City Savings Bank, Eastern Connecticut Savings Bank, and Nutmeg State Financial Credit Union, along with Laurel Road Bank's name change to DR Bank.