DOB: News Bulletin 2251 - April 13, 2007

The Department of Banking News Bulletin 

Bulletin # 2251
Week Ending April 13, 2007

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



CONSUMER CREDIT DIVISION ACTIVITY
Check Cashing Service License Activity
 
Date Check Casher Location Activity
4/12/07
Daysie, LLC
d/b/a United Check Cashing
3851 Main Street
Bridgeport, CT  06606
approved
 
Settlement Agreement
 
On April 10, 2007, the Commissioner entered into a Settlement Agreement with Countrywide Home Loans, Inc. and Countrywide Home Loans, Inc. d/b/a America’s Wholesale Lender (“Countrywide”).  The Settlement Agreement was based on an examination by the Consumer Credit Division.  As a result of such examination the Commissioner alleged that from October 1, 2001 through August 31, 2005, Countrywide Home Loans, Inc., when making at least 362 first mortgage loans, imposed prepaid finance charges that exceeded in the aggregate the greater of five percent of the principal loan amount or $2000, in violation of Section 36a-498a of the General Statutes and, employed or retained at least 147 originators without first registering such originators, in violation of Section 36a-486(b) or 36a-511(b) of the General Statutes.  In addition, the Commissioner alleged that from October 1, 2001 through August 31, 2005, Countrywide Home Loans, Inc. d/b/a America’s Wholesale Lender, when making at least 111 first mortgage loans, imposed prepaid finance charges that exceeded in the aggregate the greater of five percent of the principal loan amount or $2000, in violation of Section 36a-498a of the General Statutes.  Pursuant to the Settlement Agreement, Countrywide agreed to remit to the Department of Banking $401,750 as a civil penalty, cease and desist from engaging in acts in violation of Sections 36a-486(b), 36a-498a and 36a-511(b) of the General Statutes and, to enforce the Contribution Agreement and its Addendum A to ensure that NeighborWorks uses Countrywide Financial Corporation’s $100,000 contribution to NeighborWorks for homeownership assistance in Connecticut.  

CREDIT UNION DIVISION ACTIVITY
Field of Membership
 
On April 3, 2007, pursuant to Section 36a-462b(d) of the Connecticut General Statutes, Corporate America Family Credit Union, Elgin, Illinois, requested approval to expand its field of membership in the State of Connecticut to include employees of Supreme-Lake MFG., Inc., Plantsville.
 
       Dated:  Tuesday, April 17, 2007
 
       Howard F. Pitkin
       Banking Commissioner