Bulletin 2985 - May 7, 2021

State of Connecticut
Department of Banking

The Department of Banking News Bulletin

Bulletin # 2985 - Week Ending May 7, 2021

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

Amended Notice of Branch Closing

On May 5, 2021,
Amelia Family Trust Company
, a New Jersey-chartered limited purpose trust company, amended its previously filed notice of the closing of its trust office at 8 Wright Street, Suite 107, in Westport, Connecticut, to reflect that it was filed pursuant to Connecticut General Statutes Sections 3a-412 and 36a-145(f). Any comments received by the Commissioner will be forwarded to their State Regulator.

CONSUMER CREDIT DIVISION ACTIVITY

Consent Order

On April 29, 2021, the Commissioner entered into a Consent Order with Silvermine Ventures, LLC d/b/a Thoroughbred Mortgage d/b/a Thoroughbred Mortgage Mortgage LLC (NMLS # 975428) (“Silvermine”), Rye Brook, New York. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that Silvermine failed to timely file its 2017 Mortgage Call Report, in violation of Section 36a-534b(c) of the Connecticut General Statutes and the terms of a Consent Order issued August 17, 2016. As part of the Consent Order, Silvermine paid $2,500 as a civil penalty.

Order Granting Motion to Stay Enforcement of Deadline For Remitting Civil Penalty Through May 31, 2021

On May 6, 2021, following a post-hearing motion by respondent 1st Alliance Lending, LLC , the Banking Commissioner issued an Order Granting Motion to Stay Enforcement of Deadline For Remitting Civil Penalty Through May 31, 2021 . On April 16, 2021, the Commissioner had issued final Findings of Fact, Conclusions of Law and an Order (the "Final Decision") that imposed a $750,000 civil penalty against the firm. The Final Decision required that payment be made no later than May 17, 2021. By extending the payment due date to May 31, 2021, the May 6, 2021 Order made the payment schedule coincide with the 45 day window for filing an administrative appeal under Section 4-183 of the Connecticut General Statutes.

Dated: Tuesday, May 11, 2021

Jorge L. Perez
Banking Commissioner