DOB: Bulletin 2757 - December 23, 2016

The Department of Banking News Bulletin 

Bulletin # 2757
Week Ending December 23, 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
Branch Activity
 
Date Credit Union Location Activity-Branch Type
12/22/2016
Nutmeg State Financial
 Credit Union, Rocky Hill
259 Bull Hill Lane
Orange, CT 06477
Approved - Full Service


Merger

On December 20, 2016, America's First Network Credit Union ("AFNCU"), a Connecticut credit union, and East Hartford Federal Credit Union ("East Hartford"), a federal credit union, filed an application pursuant to Section 36a-468a of the Connecticut General Statutes seeking approval to merge East Hartford with and into AFNCU.  As part of the application, AFNCU is proposing to expand its field of membership to include: employees of the Town of East Hartford; East Hartford Youth Services; East Hartford Housing Authority; East Hartford Visiting Nurses Association; East Hartford Community Emergency Response Team; the following branches for the U.S. Department of Defense: Defense Contract Management Agency and Defense Contract Audit Agency; and their immediate families.

 
STATE BANK ACTIVITY
International Trade and Investment Corporation

On December 23, 2016, WorldBusiness Capital, Inc., a commercial finance company headquartered in Hartford, Connecticut, filed an application for a license as an international trade and investment corporation pursuant to Section 36a-636a of the Connecticut General Statutes.
 

CONSUMER CREDIT DIVISION ACTIVITY
Consent Orders
 
On December 12, 2016, the Commissioner entered into a Consent Order with Patriot Financial, Inc. (NMLS # 1642) (“Patriot Financial”), Cary, North Carolina.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, on September 26, 2016, the Commissioner issued a Notice of Intent not to Renew 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.  The Commissioner alleged that Patriot Financial failed to timely respond to various deficiencies posted by the Division to Patriot Financial’s Nationwide Multistate Licensing System and Registry account and to provide corrected mortgage call report information, in violation of Sections 36a-17(d) and 36a-498f(b) of the Connecticut General Statutes.  As part of the Consent Order, Patriot Funding will adhere to a compliance plan and respond to Department inquiries in accordance with deadlines set forth in the Consent Order.
 
 
On December 15, 2016, the Commissioner entered into a Consent Order with M.A.D. Collection Agency, LLC a/k/a Global Recovery Team d/b/a Goldstein & Dun Associates (“M.A.D. Collection/Global Recovery”), Trumbull, Connecticut.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of the investigation, on November 10, 2016, the Commissioner issued an Order of Summary Suspension, Temporary Order to Cease and Desist, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent Not to Renew Consumer Collection Agency License, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing.  The Commissioner alleged that, among other things, M.A.D. Collection/Global Recovery did not maintain debtor and creditor records so as to clearly identify the amounts and dates of all payments collected from consumer debtors and all remittances made to creditors, operated under a name not disclosed on its license, and collected or attempted to collect a debt from an unlicensed location.  As part of the Consent Order, M.A.D. Collection/Global Recovery surrendered its license to act as a consumer collection agency in Connecticut and its president was barred for a period of two (2) years from acting as a partner, member, officer, director or principal of any consumer collection agency acting within Connecticut.
 
Dated: Wednesday, December 28, 2016


Jorge L. Perez
Banking Commissioner