DOB: Bulletin 2740 - August 26, 2016

The Department of Banking News Bulletin 

Bulletin # 2740
Week Ending August 26, 2016

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, address how the establishment of the branch will be consistent with safe and sound banking practices and promote the public convenience and advantage.  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-Branch Type
08/19/16
Newtown Savings Bank
Newtown
1450 Southford Road
Southbury, CT  06488
Closing Date -
Full Service
08/22/16
Newtown Savings Bank
Newtown
280 Oxford Road
Oxford, CT  06478
Opening Date -
Full Service
 

Reorganization into a Mutual Holding Company
 
On August 23, 2016, Newtown Savings Bank, a Connecticut-chartered mutual savings bank, filed a notice and application to reorganize as a mutual holding company to be known as NSB Mutual Holding Company pursuant to Section 36a-192 of the Connecticut General Statutes, an application to form a reorganized savings institution to be known as Newtown Savings Bank pursuant to Section 36a-193 of the Connecticut General Statutes and a proposal to establish a subsidiary holding company to be known as NSB Holdings, Inc. pursuant to Section 36a-198 of the Connecticut General Statutes. 
 

CONSUMER CREDIT DIVISION ACTIVITY
Consent Order
 
On August 15, 2016, the Commissioner entered into a Consent Order with Regional Home Mortgage, L.L.C. d/b/a Regional Reverse Mortgage (NMLS # 4855) (“Regional Reverse Mortgage”), Cranford, New Jersey.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, on June 21, 2016, the Commissioner issued a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing against Regional Reverse Mortgage.  The Commissioner alleged that Regional Reverse Mortgage failed to file certain annual information required by mortgage call reports, in violation of Section 36a-534b(c)(3) of the Connecticut General Statutes.  As part of the Consent Order, Regional Reverse Mortgage paid $2,500 as a civil penalty.
 
On August 17, 2016, the Commissioner entered into a Consent Order with Silvermine Ventures, LLC d/b/a Thoroughbred Mortgage LLC d/b/a Thoroughbred Mortgage (NMLS # 975428) (“Thoroughbred Mortgage”), Rye Brook, New York.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, on June 21, 2016, the Commissioner issued a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing against Thoroughbred Mortgage.  The Commissioner alleged that Thoroughbred Mortgage failed to file certain annual information required by mortgage call reports, in violation of Section 36a-534b(c)(3) of the Connecticut General Statutes.  As part of the Consent Order, Thoroughbred Mortgage paid $2,500 as a civil penalty.
 

Order to Cease and Desist and Order Imposing Civil Penalty
 
On August 15, 2016, the Commissioner issued an Order to Cease and Desist and Order Imposing Civil Penalty (“Order”) in the matter of:  American Capital Revitalization Group a/k/a ifixcredit.org (“Respondent”), Beverly Hills, California.  The basis of the Order was that Respondent engaged in debt negotiation in this state without obtaining the required license, in violation of Section 36a-671(b) of the Connecticut General Statutes.  Respondent was ordered to cease and desist from violating Section 36a 671(b) of the Connecticut General Statutes and to pay a civil penalty in the amount of $100,000.  In addition, an Order of Restitution issued against Respondent on June 20, 2016, remains in effect and became permanent against Respondent on July 16, 2016.
 
Dated: Tuesday, August 30, 2016


Jorge L. Perez
Banking Commissioner