Regulatory Alerts2023-05-19
Added · Updated
Bulletin 3091 - May 19, 2023
The Connecticut Department of Banking approved Liberty Bank to establish a full-service branch in East Longmeadow, Massachusetts, with a proposed opening in October 2023, and received an application from Berkshire Bank to open a loan production office in Hartford by July 2023. The Department entered into a Consent Order with SandP Solutions, LLC d/b/a Bitcoin of America, requiring restitution to Connecticut consumers for operating virtual currency kiosks without a money transmission license. Additionally, the Department finalized a Consent Order with SoLo Funds Inc., imposing a $100,000 civil penalty and requiring reimbursement of fees paid by Connecticut borrowers, while prohibiting the company from small loan activity in the state until it obtains licensure or complies with specific guidance regarding "tip" model lending.