Regulatory Alerts2023-06-16
Added · Updated
Bulletin 3095 - June 16, 2023
The Connecticut Department of Banking approved the merger of Western Connecticut Federal Credit Union into SoundView Financial Credit Union, effective July 1, 2023. Additionally, the Commissioner entered into Consent Orders with MSIM, LLC and Mortgages, Inc., each requiring a $500 civil penalty for failing to file address changes and surety bond updates within the mandated thirty-day timeframe. Written comments regarding these actions must be submitted to the Banking Commissioner within ten business days of the bulletin's date.
State of Connecticut Department of Banking
The Department of Banking News Bulletin
Bulletin # 3095 - Week Ending June 16, 2023
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.
CREDIT UNION ACTIVITY
Merger
On June 13, 2023, the Commissioner approved the merger of Western Connecticut Federal Credit Union , a federal credit union, with and into SoundView Financial Credit Union , a Connecticut credit union, pursuant to Section 36a-468a of the Connecticut General Statutes. The proposed effective date of the merger is July 1, 2023.
CONSUMER CREDIT ACTIVITY
Consent Order
On June 7, 2023, the Commissioner entered into a Consent Order with MSIM, LLC (NMLS # 2121192) (“MSIM”), Austin, Texas. The Commissioner alleged that MSIM failed to file with the Nationwide Multistate Licensing System and Registry a change of the address of its main office at least thirty (30) calendar days prior to such change and failed to provide a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the Commissioner, in violation of Section 36a-490(b)(2) of the Connecticut General Statutes. As part of the Consent Order, MSIM paid $500 as a civil penalty.
Consent Order
On June 13, 2023, the Commissioner entered into a Consent Order with Mortgages, Inc. (NMLS # 1726) (“Mortgages”), Needham, Massachusetts. The Commissioner alleged that Mortgages failed to file with the Nationwide Multistate Licensing System and Registry a change of the address of its main office at least thirty (30) calendar days prior to such change and failed to provide a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the Commissioner, in violation of Section 36a-490(b)(2) of the Connecticut General Statutes. As part of the Consent Order, Mortgages paid $500 as a civil penalty.
Dated: Tuesday, June 20, 2023
Jorge L. Perez Banking Commissioner