RegAlert2024-09-27
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Bulletin 3162 - September 27, 2024
Banking Circle US filed to change its name to BCUS, Inc., and Liberty Bank applied to establish a controlling interest in an LLC. Mutual Security Credit Union filed to establish a branch with a proposed opening date of April 1, 2025. Pinnacle Finance LLC paid a $10,000 civil penalty and $1,600 in back licensing fees for operating as an unlicensed sales finance company. MWPNP, LLC paid a $10,000 civil penalty and $800 in back licensing fees for acting as an unlicensed consumer collection agency.
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State of Connecticut
Department of Banking
The Department of Banking News Bulletin
Bulletin # 3162 - Week Ending September 27, 2024
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 directed to Jorge L. Perez, Banking Commissioner. Written comments will be considered only if they are received within ten business days from the date of this bulletin.
BANK ACTIVITY
On September 27, 2024,
Banking Circle US
(Stamford, CT) filed an application to change its name to BCUS, Inc ., pursuant to Section 36a-82 of the Connecticut General Statutes. Written objections to such application may be made, for a period of 30 days from the date of publication of this Bulletin, on the grounds that the name selected will tend to confuse the public.
On September 25, 2024,
Liberty Bank
(Middletown, CT) filed an application pursuant to section 36a-276(d) of the Connecticut General Statutes, to establish a controlling interest in an LLC.
CREDIT UNION ACTIVITY
DATE
: September 9, 2024
CREDIT UNION
: Mutual Security Credit Union
LOCATION
: 3690 Main Street, Bridgeport, CT
ACTIVITY-BRANCH TYPE
: Filed to Establish Branch
PROPOSED OPENING DATE
: April 1, 2025
CONSUMER CREDIT ACTIVITY
Consent Order
On September 23, 2024, the Commissioner entered into a Consent Order with Pinnacle Finance LLC (NMLS # 1405111) (“Pinnacle”), Scottsdale, Arizona. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that since August 2020, Pinnacle has engaged in the business of a sales finance company in Connecticut without a license, in violation of Section 36a-536 of the Connecticut General Statutes, by purchasing and acquiring 11 retail installment contracts, and receiving payments of principal and interest from retail buyers under such contracts. As part of the Consent Order, Pinnacle paid $10,000 as a civil penalty and $1,600 as back licensing fees.
Consent Order
On September 26, 2024, the Commissioner entered into a Consent Order with MWPNP, LLC (NMLS # 2484984) (“MWPNP”), North Dartmouth, Massachusetts. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that MWPNP acted as a consumer collection agency in this state without the required license since at least May 2022, in violation of Section 36a-801(a) of the Connecticut General Statutes. As part of the Consent Order, MWPNP paid $10,000 as a civil penalty and $800 as back licensing fees.
Dated: Tuesday, October 1, 2024
Jorge L. Perez
Banking Commissioner
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Source: Connecticut Department of Banking — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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