Regulatory Alerts2020-07-17
Added · Updated
Bulletin 2943 - July 17, 2020
The Connecticut Department of Banking approved Nutmeg State Financial Credit Union to establish a full-service branch in Norwalk and to expand its field of membership to include Fairfield, Westport, Norwalk, and Trumbull. The Commissioner entered into a Consent Order with Southwest Credit Systems, LP, requiring a $10,000 civil penalty and $800 in back licensing fees for operating as an unlicensed consumer collection agency. A separate Consent Order with Lendgo, Inc. imposed a $500 civil penalty for failing to update its main office address and surety bond documentation. Additionally, the Commissioner ordered Top Notch Motors, LLC to cease and desist from violating motor vehicle repossession notice requirements and imposed a $20,000 civil penalty.