Bulletin 3193 - May 2, 2025

State of Connecticut
Department of Banking

The Department of Banking News Bulletin

Bulletin # 3193 - Week Ending May 2, 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.

BANK ACTIVITY

Change of Name

On April 30, 2025,
Essex Savings Bank
, Essex, Connecticut, filed an application to change its name to Essex Bank 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 grounds that the name selected will tend to confuse the public. Questions or comments regarding this notification can be sent to the Financial Institutions Division at 860 240-8180.

Branch Closure

On April 28, 2025,
Fieldpoint Private Bank & Trust
(Greenwich, CT) submitted notification under Section 36a-145(f) of the Connecticut General Statutes to close its branch located at 999 Peachtree Street NE, Suite 810 Atlanta, GA 30309. The projected date for the branch closure is on or about September 30, 2025. Questions or comments regarding the application can be sent to the Financial Institutions Division at 860 240-8180.

CREDIT UNION ACTIVITY

Main Office Relocation

On May 2, 2025,
New Haven Firefighters Credit Union
(New Haven, CT) submitted application under Section 36a-463b of the Connecticut General Statutes to relocate its main office from 350 Ferry Street, New Haven, CT 06513 to 7 Elm Street 2L, New Haven, CT 06510. The projected date for the relocation is on or about June 1, 2025. Questions or comments regarding the application can be sent to the Financial Institutions Division at 860 240-8180.

CONSUMER CREDIT DIVISION ACTIVITY

Fair Collections & Outsourcing of New England, Inc. d/b/a FCO and Fair Collections & Outsourcing, Inc. d/b/a FCO

On May 1, 2025, the Commissioner entered into a Consent Order with Fair Collections & Outsourcing of New England, Inc. d/b/a FCO (NMLS # 934298) (“FCO NE”), and Fair Collections & Outsourcing, Inc. d/b/a FCO (NMLS # 980983) (“FCO”), both of Laurel, Maryland, (collectively, “Respondents”). The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that between at least 2015 and December 31, 2024: (1) FCO acted as a consumer collection agency in Connecticut without a license, in violation of Section 36a-801(a) of the Connecticut General Statutes, in effect at such time; and (2) FCO NE comingled funds collected or received from Connecticut consumer debtors with those of unlicensed entity, FCO, in violation of Section 36a-811(b) of the Connecticut General Statutes, in effect at such time. As part of the Consent Order, Respondents paid $10,000 as a civil penalty and FCO paid $2000 as back licensing fees.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY

Anchored Tiny Homes Franchising LLC

On April 28, 2025, the Banking Commissioner entered a Stop Order Denying Effectiveness to the renewal business opportunity registration application filed by Anchored Tiny Homes Franchising LLC of 4401 Hazel Avenue, Suite 225, Fair Oaks, California 95628 ((No. CS-24-202453-B). The firm was in the business of offering franchises featuring the design, sale and installation of customized tiny home accessory dwelling units, affordable homes, and related services and products.

The Stop Order had been preceded by a January 17, 2025 Notice of Intent to Issue Stop Order Denying Effectiveness to Business Opportunity Registration, an Order to Cease and Desist and a Notice of Right to Hearing (No. CS-24-202453-B).

The Order to Cease and Desist, being uncontested, became permanent on March 24, 2025.

The January 17, 2025 action had alleged that the firm violated Section 36b-62(c)(2) of the Connecticut Business Opportunity Investment Act by failing to make adequate financial arrangements to fulfill its contractual obligations, and that it also violated Sections 36b-62(a) and 36b-67(1) of the Act by failing to observe the requirements for renewing its business opportunity registration.

Anchored Tiny Homes Franchising LLC failed to request a hearing on the allegations in the Notice of Intent to Issue a Stop Order. As a result, the allegations in the Notice of Intent to Issue a Stop Order were adopted as findings. The Stop Order denied the firm’s registration application effective May 1, 2025.

Dated: Tuesday, May 6, 2025

Jorge L. Perez
Banking Commissioner