DOB: Bulletin 2747 - October 14, 2016

The Department of Banking News Bulletin 

Bulletin # 2747
Week Ending October 14, 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 CREDIT UNION ACTIVITY
Merger
 
On October 7, 2016, Nutmeg State Financial Credit Union (“Nutmeg”), a Connecticut credit union, and Housatonic Teachers Federal Credit Union (“Housatonic”), a federal credit union, filed an application pursuant to Section 36a-468a of the Connecticut General Statutes seeking approval to merge Housatonic with and into Nutmeg.  As part of the application, Nutmeg is proposing a field of membership that would consist of Hartford, Middlesex, Tolland and New Haven Counties and the following towns: Shelton, Stratford, and Bridgeport.
 

CONSUMER CREDIT DIVISION ACTIVITY
Consent Orders
 
On October 3, 2016, the Commissioner entered into a Consent Order with iFamily Mortgage, LLC (NMLS # 1146452) (“iFamily Mortgage”), Falls Church, Virginia.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, the Commissioner alleged that iFamily Mortgage failed to file with the Nationwide Multistate Licensing System and Registry a change of address of its main office at least 30 calendar days prior to such change and failed to provide a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the Commissioner, in violation of Section 36a-490(b) of the Connecticut General Statutes.  As part of the Consent Order, iFamily Mortgage paid $500 as a civil penalty.
 
On October 4, 2016, the Commissioner entered into a Consent Order with Kash Mortgage LLC (NMLS # 100317) (“Kash Mortgage”), Milford, Connecticut.  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 Kash Mortgage.  The Commissioner alleged that Kash 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 and failed to promptly notify the Commissioner of a decrease in its net worth.  As part of the Consent Order, Kash Mortgage paid $2,500 as a civil penalty.
 
 
Dated: Tuesday, October 18, 2016


Jorge L. Perez
Banking Commissioner