Bulletin 3181 - February 7, 2025

State of Connecticut
Department of Banking

The Department of Banking News Bulletin

Bulletin # 3181 - Week Ending February 7, 2025

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.

CREDIT UNION ACTIVITY

Merger

On February 7, 2025, the Commissioner approved the merger of C S P Employee Federal Credit Union , a federal credit union, with and into America’s First Network Credit Union , a Connecticut credit union, pursuant to Section 36a-468a of the Connecticut General Statutes. The proposed effective date of the merger is for April of 2025.

Conversion

On February 7, 2025, the Commissioner approved the conversion of Healthcare Financial Federal Credit Union from a federal credit union to a Connecticut credit union pursuant to Section 36a-469b of the Connecticut General Statutes. The operating name of the credit union will be Healthcare Financial Credit Union . The proposed target date for the conversion is the first quarter of 2025.

CONSUMER CREDIT DIVISION ACTIVITY

Century Debt Solutions, Inc.

On February 3, 2025, the Commissioner entered into a Consent Order with Century Debt Solutions, Inc.
(NMLS # 2296096) (“Century Debt”), Canoga Park, California. The Consent Order resolved allegations made by the Commissioner in a Temporary Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (collectively, “Order and Notice”) against Century Debt on October 15, 2024. The Order and Notice was the result of an investigation by the Consumer Credit Division and alleged that Century Debt acted within this state as a consumer collection agency without a license, in violation of Section 36a-801(a) of the Connecticut General Statutes. As part of the Consent Order, Century Debt agreed to pay $10,000 as a civil penalty and $800 as back licensing fees.

Growella Inc d/b/a homebuyer.com

On February 5, 2025, the Commissioner entered into a Consent Order with Growella Inc d/b/a homebuyer.com (NMLS # 1847209) (“Growella”), Cincinnati, Ohio. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that between March 23, 2023 and June 6, 2024, Growella, through the operation of its wholly owned website, homebuyer.com, and by representing itself as a mortgage company offering immediate mortgage pre-approvals, instant mortgage approvals and great mortgage rates, engaged in the business of a mortgage lender, in violation of Section 36a-486(a) of the Connecticut General Statutes, in effect at such time. As part of the Consent Order, Growella agreed to pay $10,000 as a civil penalty.

Digital Access, LLC d/b/a Cash2Bitcoin

On February 6, 2025, the Commissioner entered into a Consent Order with Digital Access, LLC d/b/a Cash2Bitcoin (NMLS # 2185177) (“Digital Access”), Dearborn, Michigan. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that since at least 2024, Digital Access engaged in the business of money transmission in this state without the required license, in violation of Section 36a-597(a) of the Connecticut General Statutes. As part of the Consent Order, Digital Access paid $10,000 as a civil penalty and agreed to pay restitution in the amount of $49,400 to two identified Connecticut consumers.

Cake Mortgage Corp. d/b/a Cake f/k/a Millennial Home Lending, Inc.

On February 6, 2025, the Commissioner entered into a Consent Order with Cake Mortgage Corp. d/b/a Cake f/k/a Millennial Home Lending, Inc. (NMLS # 1734623) (“Cake”), Chatsworth, California. The Consent Order was based on an examination by the Consumer Credit Division. As a result of such examination, the Commissioner alleged that between August 2021 and September 2022: (1) Cake engaged in unfair or deceptive practices by distributing non-compliant advertisements to Connecticut consumers that created a false sense of urgency, represented false loan and cash-out options, and misrepresented direct mail solicitations as financial statements, in violation of Section 36a-498e(a)(2) of the Connecticut General Statutes, in effect at such time; and (2) Cake’s advertisements to Connecticut consumers included words or symbols that gave the appearance that the mails were sent by a government agency, in violation of Section 36a 497(a)(2)(D) of the Connecticut General Statutes. The Commissioner also alleged that: (1) Cake’s advertisements included statements that falsely suggested that the consumers qualified for minimum cash-out or credit options, in violation of 12 CFR Section 1014.3(j) of Regulation N, Mortgage Acts and Practices-Advertising Rule; (2) Cake distributed advertisements that included the consumer’s current lender on the envelope misleading the consumer to think the mail was sent by or on behalf of their lender, in violation of 12 CFR Section 1026.24(i)(4) of Regulation Z, Truth in Lending Act; and (3) Cake’s advertisements failed to include the required additional disclosures when using triggering terms, in violation of 12 CFR Sections 1026.24(d)(1) and 1026.24(d)(2) of Regulation Z, Truth in Lending Act. As part of the Consent Order, Cake paid $50,000 as a civil penalty.

Dated: Tuesday, February 11, 2025

Jorge L. Perez
Banking Commissioner