Regulatory Alerts2024-07-19
Added · Updated
Bulletin 3152 - July 19, 2024
The Commissioner approved 1st Financial Bank, USA to establish a loan production office in Southbury, CT, and authorized the merger of NVE Bank into Ion Bank, targeting completion in the fourth quarter of 2024. Kalbas, Inc. d/b/a Unbank paid a $50,000 civil penalty, $6,375 in back licensing fees, and $17,860 in consumer refunds for unlicensed money transmission. Probate Advance, LLC d/b/a InheritFast paid a $10,000 civil penalty, $2,400 in back licensing fees, and $183,906.49 in consumer refunds for unlicensed small lending activities. Aquarion Asset Management, LLC and MIDLAND GROUP AND ASSOCIATES LLC each received cease and desist orders and $300,000 civil penalties for operating as unlicensed consumer collection agencies and using deceptive debt collection practices.