Regulatory Alerts2024-05-24
Added · Updated
Bulletin 3144 - May 24, 2024
The Commissioner approved the name change of SoundView Financial Credit Union to Albright Credit Union and the merger of First Bristol Federal Credit Union into Nutmeg State Financial Credit Union, effective June 1, 2024. Enforcement actions were taken against Credit Recovery Management Group LLC, Nelson Cruz & Associates LLC, and Midland Group and Associates LLC, involving temporary cease and desist orders and notices of intent to impose civil penalties for operating without licenses and violating consumer credit laws. A consent order resolved allegations against BlockFi Trading LLC, requiring a $150,000 civil penalty for unsafe money transmission practices and failure to maintain required surety bonds. Additionally, an order to cease and desist, make restitution, and impose fines was issued against The Cheetah Fund L.P., C.M. Allen Capital Management, Inc., and Craig Murfee Allen for offering unregistered securities and committing fraud against Connecticut investors.