Regulatory Alerts2021-05-28
Added · Updated
Bulletin 2988 - May 28, 2021
Liberty Bank filed notices to close five branches located in Beacon Falls, Bristol, Essex, New London, and Southbury, effective October 1, 2021. Fieldpoint Private Bank & Trust filed applications to establish full-service branches in Coral Gables and Winter Park, Florida. The Commissioner granted a second motion to stay enforcement of a $750,000 civil penalty against 1st Alliance Lending, LLC, conditioned on posting a surety bond by June 9, 2021. Additionally, a notice of intent to revoke and cancel the broker-dealer registration of CV Brokerage, Inc. was issued due to FINRA expulsion and cessation of business.
State of Connecticut Department of Banking
The Department of Banking News Bulletin
Bulletin # 2988 - Week Ending May 28, 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
Branch Activity
Section 36a-145 of the Connecticut General Statutes requires certain applications for a branch or limited branch at which loans will be made, address how the establishment of the branch will be consistent with safe and sound banking practices and promote the public convenience and advantage. Plans are submitted when such applications are filed and are available for public inspection and comment at the Department for a period of 30 days. Questions concerning branch activity should be directed to the Financial Institutions Division, (860) 240-8180.
DATE: May 25, 2021
BANK: Liberty Bank, Middletown
LOCATION: 127 South Main Street, Beacon Falls, CT 06403
ACTIVITY-BRANCH TYPE: Filed Notice of Branch Closing as of October 1, 2021
DATE: May 25, 2021
BANK: Liberty Bank, Middletown
LOCATION: 774 Farmington Avenue, Bristol, CT 06010
ACTIVITY-BRANCH TYPE: Filed Notice of Branch Closing as of October 1, 2021
DATE: May 25, 2021
BANK: Liberty Bank, Middletown
LOCATION: 7 Main Street, Essex, CT 06426
ACTIVITY-BRANCH TYPE: Filed Notice of Branch Closing as of October 1, 2021
DATE: May 25, 2021
BANK: Liberty Bank, Middletown
LOCATION: 61 Bank Street, New London, CT 06320
ACTIVITY-BRANCH TYPE: Filed Notice of Branch Closing as of October 1, 2021
DATE: May 25, 2021
BANK: Liberty Bank, Middletown
LOCATION: 1570 Southford Road, Southbury, CT 06488
ACTIVITY-BRANCH TYPE: Filed Notice of Branch Closing as of October 1, 2021
DATE: May 25, 2021
BANK: Liberty Bank, Middletown
LOCATION: 1232 Farmington Avenue, West Hartford, CT 06107
ACTIVITY-BRANCH TYPE: Filed Notice of Branch Closing as of October 1, 2021
DATE: May 28, 2021
BANK: Fieldpoint Private Bank & Trust, Greenwich
LOCATION: 2020 Salzedo Street, Suite 300, Coral Gables, FL 33134
ACTIVITY-BRANCH TYPE: Filed to Establish Full Service Branch
DATE: May 28, 2021
BANK: Fieldpoint Private Bank & Trust, Greenwich
LOCATION: 270 W. New England, Suite 268/272, Winter Park, FL 32789
ACTIVITY-BRANCH TYPE: Filed to Establish Full Service Branch
CONSUMER CREDIT DIVISION ACTIVITY
Order Granting Second Motion to Stay Enforcement of Deadline For Remitting Civil Penalty
On May 26, 2021, following a post-hearing motion by respondent 1st Alliance Lending, LLC , the Commissioner issued an Order Granting Respondent’s Second Motion to Stay Enforcement of Deadline for Remitting Civil Penalty “through the final resolution of 1st Alliance's anticipated appeal” of the Commissioner's April 16, 2021 final Findings of Fact, Conclusions of Law and Order that imposed a $750,000 civil penalty against the firm. On May 6, 2021, the Commissioner previously extended the payment due date through May 31, 2021 to coincide with the 45 day window for filing an administrative appeal under Section 4-183 of the Connecticut General Statutes.
The second extension was expressly conditioned on Respondent posting a $750,000 surety bond with the Department on or before June 9, 2021. If Respondent fails to post the bond, or if the bond, once posted, ceases to be in effect, the second stay would be automatically lifted as of that date without further action of the Commissioner.
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Notice of Intent to Revoke and Cancel Registration as a Broker-dealer
On May 27, 2021, the Banking Commissioner issued a Notice of Intent to Revoke and Cancel Registration as a Broker-dealer and Notice of Right to Hearing (Docket No. NRC-21-20205-S) against CV Brokerage, Inc. , a Connecticut-registered broker-dealer located at 1521 East Malaga Road, Williamstown, New Jersey 08094. The action alleged that (1) on March 13, 2020, the Financial Industry Regulatory Authority (“FINRA”) expelled the firm from membership for failing to pay fines and/or costs; (2) the firm's broker-dealer registration had been terminated, canceled or revoked in approximately 32 jurisdictions other than Connecticut; (3) none of the firm's direct owners and executive officers were registered as agents of the firm in any jurisdiction; (4) the firm no longer had any agents registered under the Connecticut Uniform Securities Act; and (5) the firm failed to respond to multiple written communications from the Department concerning the agency's regulatory concerns.
The action further alleged that the FINRA expulsion supported revoking the firm's broker-dealer registration under Section 36b-15 of the Connecticut Uniform Securities Act, and that the firm's apparent cessation of business supported the entry of an order canceling the firm's registration.
CV Brokerage, Inc. was afforded an opportunity to request a hearing on the allegations in the action.
Dated: Wednesday, June 2, 2021
Jorge L. Perez Banking Commissioner