DOB: News Bulletin 2141 - March 4, 2005

The Department of Banking News Bulletin 

Bulletin # 2141
Week Ending March 4, 2005

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 in writing to John P. Burke, Banking Commissioner, at the Connecticut Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800 or via E-mail to Written comments will be considered only if they are received within ten days from the date of this bulletin.

State Bank Activity

Section 36a-145 of the Connecticut General Statutes requires that each application for a branch, or for a limited branch at which loans will be made, be accompanied by a plan detailing how adequate services to meet the banking needs of all community residents will be provided. Plans are submitted when such applications are filed and are available for public inspection and comment at this Department for a period of 30 days. Questions concerning branch activity should be directed to the Financial Institutions Division, (860) 240-8180.

Date Bank Location Activity
3/01/05 People's Bank
1700 Park Street
Hartford, CT  06106


Pursuant to Sections 1-225 and 36a-70(i) of the Connecticut General Statutes, on March 21, 2005, a special meeting will be held for the purpose of considering the application of the organizers of Higher One Bank, New Haven, Connecticut, for an extension of its Temporary Certificate of Authority not to exceed 18 months to allow the organizer sufficient time to complete the organization of the bank and to raise the required equity capital. The meeting is scheduled to be held at 10:30 a.m., at the Department of Banking, Room 50, 260 Constitution Plaza, Hartford, Connecticut.

Notice of Intent to Issue Order to Cease and Desist
and Notice of Right to Hearing

On February 22, 2005, the Commissioner issued a Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing ("Notice") with respect to Fidelity Capital Group, Inc. ("Fidelity"). The Notice was based on the allegation that Fidelity, which is located in Irvine, California, sought to act as a first mortgage broker in Connecticut without first obtaining a license, in violation of Section 36a-486(a) of the Connecticut General Statutes. Fidelity was afforded an opportunity to request a hearing with regard to the allegations set forth in the Notice.

Investment Adviser Assessed $1,150 for Delinquent
Investment Advisory Notice Filing

On February 22, 2005, the Commissioner entered into a Stipulation and Agreement with Pension Consulting Alliance, Inc., an SEC-registered investment adviser having its principal office at 15760 Ventura Boulevard, Suite 700, Encino, California. The Stipulation and Agreement alleged that, from February 2003, the firm rendered investment advisory services to one Connecticut institutional client at a time when no notice filing had been made pursuant to Section 36b-6(e) of the Connecticut Uniform Securities Act. The firm, which brought its filing delinquency to the Commissioner's attention and ultimately filed a notice on December 17, 2004, had established a Connecticut office at 53 Forest Avenue in Old Greenwich, Connecticut in February 2003.

Pursuant to the Stipulation and Agreement, the firm agreed to implement revised supervisory and compliance procedures to ensure compliance with state investment advisory notice filing requirements. In addition, the firm agreed to remit $1,150 to the department. Of that amount, $1,000 constituted an administrative fine and $150 represented reimbursement for past due notice filing fees.

Dated: Tuesday, March 1, 2005

John P. Burke