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.
State Bank Activity
Section 36a-145 of the Connecticut General Statutes requires certain applications 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.
4 Cannon Square
Stonington, CT 06378
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Department to Host Securities Forum 2009: Financial Services Reform –
What It Means to You
The State of Connecticut Department of Banking is hosting Securities Forum 2009: Financial Services Reform – What It Means to You on Tuesday, October 20, 2009 at the New Haven Lawn Club in New Haven, Connecticut. The abbreviated program (based upon cost considerations) runs from 12:00 p.m. to 4:00 p.m. The keynote speaker will be Dr. Gary B. Gorton, Frederick Frank Class of 1954 Professor of Management and Finance at the Yale University School of Management.
The program will highlight the Obama Administration’s reform plan and what it affects – risk management, traditional regulators, hedge funds, advisers, mandatory arbitration, derivatives – and more. In addition, the program will include special segments on regulatory updates of interest to investment advisers and broker-dealers. The registration fee (which includes luncheon) is $70 per person, discounted to $60 per person for multiple attendees from the same firm. Don't miss out on this unique opportunity to hear about financial developments from the regulators themselves and to compare notes with other financial services industry professionals. You can download a registration form and read the agenda
on the Department's website.
CONSUMER CREDIT DIVISION ACTIVITY
On September 14, 2009, the Commissioner entered into a Settlement Agreement with Allied Interstate, Inc.
(“Allied Interstate”). The Settlement Agreement was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged in a Notice of Automatic Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke Consumer Collection Agency License, Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing issued against Allied Interstate on June 18, 2009, that Allied Interstate, in violation of Section 36a-802(a) of the Connecticut General Statutes, failed to maintain a surety bond that ran concurrent with its license as a consumer collection agency in Connecticut for 3200 Northline Avenue, Suite 160, Greensboro, North Carolina. As part of the Settlement Agreement, Allied Interstate surrendered its consumer collection agency license. A copy of the Settlement Agreement can be obtained from the Department’s website
Notice of Intent to Revoke Mortgage Broker License,
Notice of Intent to Issue Order to Cease and Desist
and Notice of Intent to Impose Civil Penalty
On September 18, 2009, the Commissioner issued a Notice of Intent to Revoke Mortgage Broker License, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (“Notice”) in the Matter of: Allied Financial Services, LLC
(“Respondent”). The Notice alleged that Respondent acted as a mortgage broker in direct contradiction of the Commissioner’s Order of Summary Suspension of Respondent’s license as part of a Temporary Order to Cease and Desist, Order of Summary Suspension, Notice of Intent to Revoke Mortgage Broker License, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing issued against Respondent on April 9, 2009. Respondent was afforded an opportunity to request a hearing with regard to the allegation set forth in the Notice. A copy of the Notice can be obtained from the Department’s website
Dated: Tuesday, September 29, 2009
Howard F. Pitkin