Regulatory Alerts2021-02-05
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Bulletin 2972 - February 5, 2021
The Commissioner approved the reorganization of The Savings Bank of Danbury into a mutual holding company structure, including the formation of SBD Bancorp, Inc. and the merger of the mutual bank into a new stock bank entity. Regarding enforcement actions, Cliffco, Inc. paid a $500 civil penalty for failing to timely file a change of address and update its surety bond. Midwest Recovery Systems, LLC was permanently banned from acting as a consumer collection agency in Connecticut, and three associated individuals were banned for five years from serving in management or collection roles within the state.
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