DOB: News Bulletin 2339 - December 19, 2008

The Department of Banking News Bulletin 

Bulletin # 2339
Week Ending December 19, 2008

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.

Settlement Agreement
On December 1, 2008, the Commissioner entered into a Settlement Agreement with 1st Alliance Lending, LLC (“1st Alliance”).  The Settlement Agreement was based on an examination by the Consumer Credit Division.  As a result of such examination, the Commissioner alleged that 1st Alliance employed or retained at least six originators without registering them, in violation of Section 36a-486(b) of the 2008 Supplement to the General Statutes.  On September 12, 2008, 1st Alliance voluntarily made a contribution to the State Regulatory Registry LLC, a wholly-owned subsidiary of the Conference of State Bank Supervisors (“CSBS”), in the amount of $6000 to support the Nationwide Mortgage Licensing System, jointly sponsored by the CSBS and the American Association of Residential Mortgage Regulators.  Upon entry of the Settlement Agreement, the matter was resolved.

       Dated:  Tuesday, December 23, 2008

       Howard F. Pitkin
       Banking Commissioner