Regulatory Alerts2023-10-27
Added · Updated
Bulletin 3114 - October 27, 2023
The Connecticut Department of Banking entered into a Consent Order with ACI Worldwide Corp. and ACI Payments, Inc., requiring them to implement comprehensive risk management programs, report to a regulatory committee for two years, and pay $10 million in fines for erroneously initiating $2.3 billion in electronic transactions from 480,000 mortgage-holders. The Commissioner revoked the consumer collection agency license of Mercantile CT, LLC due to its failure to provide satisfactory evidence of compliance with license surrender requirements. Additionally, Validea Capital Management LLC agreed to pay $5,250, comprising a $5,000 administrative fine and $250 in past due registration fees, to resolve allegations of engaging an unregistered investment adviser agent.