Regulatory Alerts2019-09-20
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Bulletin 2900 - September 20, 2019
The Connecticut Department of Banking approved a merger application filed by Mutual Security Credit Union and Merritt Federal Credit Union, allowing the latter to merge into the former with an expanded field of membership. The Commissioner entered into a Consent Order with Heartland Payment Systems, LLC, requiring a $10,000 civil penalty and $2,450 in back licensing fees for unlicensed money transmission. Additionally, a Stipulation and Agreement with JC Franchising Group LLC mandated a $3,100 administrative fine and $400 in past due registration fees for selling unregistered franchises to Connecticut residents.
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