DOB: Bulletin 2670 - April 24, 2015

The Department of Banking News Bulletin 

Bulletin # 2670
Week Ending April 24, 2015

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 Jorge L. Perez, Banking Commissioner, Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800.  Written comments will be considered only if they are received within ten days from the date of this bulletin.


STATE BANK ACTIVITY
Branch 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.

 Date
Bank 
Location 
Activity 
     04/17/15
 
    Evolve Bank & Trust
**West Memphis, AR
*1449 Old Waterbury Road
  Suite 207-C
  Southbury, CT  06488
Filed
***06/01/15
    United Bank
    Rockville
*114 State Road
  Sagamore Beach, MA  02562
Closing
Date
*Loan Production Office
**Correction-Application listed Memphis, TN as office city and state
***Correction-Application listed 5/15 as closing date


Interstate Loan Production Office

On April 22, 2014, the Commissioner approved the application of East West Bank, a California-chartered commercial bank, to establish a loan production office at 1224 Mill Street, Building B, Suite 224, East Berlin, Connecticut.  The application was approved pursuant to Section 36a-412(d) of the Connecticut General Statutes.


CREDIT UNION ACTIVITY
Merger

On April 22, 2015, The Dutch Point Credit Union, Inc., a Connecticut credit union, and The Victory/Piaterer Mutual Benefit Association, a Connecticut credit union, filed an application pursuant to Section 36a-468a of the Connecticut General Statutes seeking approval for the merger of The Victory/Piaterer Mutual Benefit Association Credit Union, with its main office located at 21 High Street, East Hartford, Connecticut, with and into The Dutch Point Credit Union, Inc., with its main office located at 195 Silas Deane Highway, Wethersfield, Connecticut.


CONSUMER CREDIT DIVISION ACTIVITY
Settlement Agreement and Consent Order

On April 13, 2015, the Commissioner entered into a Settlement Agreement and Consent Order (“Agreement and Order”) among 42 other state regulators and New Day Financial, LLC d/b/a NewDay USA (NMLS # 1043) (“New Day”), Fulton, Maryland.  The Agreement and Order was the result of an investigation coordinated by the Multi-State Mortgage Committee led by the Maryland Commissioner of Financial Regulation (“Maryland Investigation”).  The Maryland Investigation determined, among other things, that employees at New Day had violated the NMLS Rules of Conduct for Test Takers by taking information from the testing program and storing that information so as to teach other employees what was on the test, and that certain New Day employees and officers had members of the New Day compliance staff take continuing education course requirements on their behalf.  As part of the Agreement and Order, and without admitting any allegations or implications of fact and without admitting any violations of applicable laws, regulations or rules governing the conduct and operation of its mortgage business, New Day was ordered to retain an independent auditing firm, remove its Chief Operating Officer, and pay an administrative penalty of $5,160,000 apportioned among participating states.


Temporary Order to Cease and Desist, Order to Make Restitution, Notice of Intent
to Issue Order to Cease and Desist and Notice of Intent to Impose Civil Penalty

On April 16, 2015, the Commissioner issued a Temporary Order to Cease and Desist, Order to Make Restitution (“Order to Make Restitution”), Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (collectively “Notice”) in the Matter of:  Angela Elizabeth Mueller d/b/a Law Offices of Angela Mueller, APC (“Respondent”), Tustin, California.  The Notice was the result of an investigation by the Consumer Credit Division.  The Commissioner alleges that the Respondent engaged in debt negotiation in this state without obtaining the required license, in violation of Section 36a-671 of the Connecticut General Statutes.  As part of the Order to Make Restitution, Respondent was ordered to repay fees to an identified Connecticut resident plus interest, and to repay any other Connecticut resident who entered into an agreement for debt negotiation services with Respondent on and after October 1, 2009, any fees paid by such Connecticut resident to Respondent plus interest.  The Commissioner also found that public welfare required the issuance of a Temporary Order to Cease and Desist against Respondent.  Respondent was afforded an opportunity to request a hearing with regard to the allegation set forth in the Notice.




    Dated:  Tuesday, April 28, 2015


    Jorge L. Perez
    Banking Commissioner