This page outlines new additions and significant updates to the Department of Banking Web site. It does not list routine updates which are generally made on a daily basis to keep information current.
A sixth Homeowners Mortgage Assistance Event took place on Tuesday, October 22, 2013 at the Connecticut Convention Center in Hartford, CT. This free event was co-sponsored by Governor Dannel P. Malloy, Attorney General George Jepsen and the Department of Banking. The event provided an opportunity for Connecticut homeowners having difficulties with their mortgage or in danger of foreclosure to meet directly with their bank or loan servicer, or to meet with a HUD-approved housing counselor, to find solutions to their mortgage problems.
A fifth Homeowners Mortgage Assistance Event took place on Wednesday, April 17, 2013 at the Omni New Haven Hotel in New Haven, CT. This free event was co-sponsored by Governor Dannel P. Malloy, Attorney General George Jepsen and the Department of Banking. The event provided an opportunity for Connecticut borrowers to work one-on-one with their bank or loan servicer, or to meet with a HUD-approved housing counselor, to find solutions to their mortgage problems.
Five employees in the Department of Banking’s Securities and Business Investments Division were honored by the Connecticut United States Attorney’s Office for their investigative efforts:
Associate Financial Examiner Sylvia Morgan, Associate Financial Examiner Jon Petrucci, Principal Examiner Klemes M. Klementon and Banking Department Manager Cesar Garcia were recognized for their efforts in the case of U.S. v. Robin Brass, who ran a classic Ponzi scheme.
In observance of America Saves Week (February 25-March 1) the Department of Banking encourages consumers and investors to "talk the talk" about saving and investing:
Governor Dannel P. Malloy, Attorney General George Jepsen and the Department of Banking co-hosted their fourth Homeowners Mortgage Assistance Event on Wednesday, November 28, 2012, from 10:00 a.m. to 7:00 p.m. at the Conference Center at CoCo Key, in Waterbury, CT. This free event provided an opportunity for Connecticut borrowers to work one-on-one with their bank or loan servicer, or to meet with a HUD-approved housing counselor.
On September 11, 2012, the Commissioner issued a Declaratory Ruling (pdf file, 5 MB)
in response to the Petition (pdf file, 764 KB)
of Persels & Associates, LLC for Declaratory Ruling Regarding Application of Attorney Exemption under Debt Negotiation Statutes.
Governor Dannel P. Malloy, Attorney General George Jepsen and the Department of Banking co-hosted a Homeowners Mortgage Assistance Event on Tuesday, July 10, 2012, from 10:00 a.m. to 7:00 p.m. at the University of Connecticut in Storrs, CT. This free event provided an opportunity for Connecticut borrowers to work one-on-one with their bank or loan servicer, or to meet with a HUD-approved housing counselor.
Podcast: Listen to event organizers discuss the event.
The Department of Banking, in conjunction with Governor Dannel P. Malloy and Attorney General George Jepsen, hosted its second Homeowners Mortgage Assistance Event on March 29, 2012, from 10:00 a.m. to 7:00 p.m. at the Webster Bank Arena in Bridgeport, CT. This free event provided an opportunity for Connecticut homeowners to work one-on-one with their bank or loan servicer, or to meet with a HUD-approved housing counselor.
Online websites such as Facebook, Twitter, YouTube and LinkedIn have become more popular than ever, and allow people to connect to one another more quickly and easily than ever before. Be informed when it comes to online investing through social networks, and learn how to protect yourself from fraud with the Informed Investor Advisory: Social Networking (pdf file, 151 KB).
The Department of Banking, in conjunction with Governor Dannel P. Malloy and Attorney General George Jepsen, hosted a Homeowners Mortgage Assistance Event on November 15, 2011, from 10:00 a.m. to 7:00 p.m. at the Connecticut Convention Center. This free event provided an opportunity for Connecticut homeowners to work one-on-one with their bank or loan servicer, or to meet with a HUD-approved housing counselor.
Effective October 1, 2011, there are new licensing requirements for Loan Processors/Underwriters. The agency also offers exempt registration for the mortgage industry.
The Department of Banking issued the results of 2010 surveys of state-chartered banking institutions and state-chartered credit unions to ascertain what types of electronic products and services are offered to customers.
The Department of Banking has developed a new Online Customer Assistance Form
as a convenient and secure way for the public to submit inquiries or complaints to the agency.
The Department of Banking partnered with the Consumer Federation of America's America Saves Week to promote personal savings and wise investing.
In recognition of his many years of service to the agency, the Commissioner has authorized the release of a special Securities Bulletin issue dedicated to Securities Division Director Ralph Lambiase, who is retiring.
Governor-Elect Dan Malloy announced that he has chosen to reappoint Howard Pitkin
to be the commissioner of the Connecticut Department of Banking. Commissioner Pitkin has lead the department for more than five years, and began his career at the Department of Banking more than 30 years ago.
On September 26, 2010, the National White Collar Crime Center (NW3C) Board of Directors presented the Department of Banking’s Securities and Business Investments Division with NW3C’s Member Agency Award for Excellence for contributions involving the prevention, investigation and prosecution of economic and high-tech crime.
The Department of Banking and the North Central Area Agency on Aging co-hosted an Elder Financial Fraud Seminar on July 20, 2010. Elder service providers, social workers, law enforcement and caregivers were among those who attended and learned about choosing a financial planner and how to avoid investment fraud.
The Department of Banking’s Securities Division and AARP joined forces to launch the Free Lunch Monitor program, which gives individuals an opportunity to report possibilities of investment fraud in their communities to state securities authorities for investigation.
As of October 1, 2009, Debt Settlement Companies, Short Sale Consultants and Providers of Loan Modification, Foreclosure Rescue or providers of similar types of services are required to obtain a Debt Negotiation license from the Department of Banking.
The Department recently posted two new guides designed especially for military personnel and their families. These on-line guides provide practical information on investing, saving for retirement and avoiding investment frauds and scams.
Funded by a grant from Investor Protection Trust, the Department of Banking joined forces with AARP to develop a series of radio spots, titled "The Informed Investor". The goal of this campaign to help the public make informed investment decisions and to raise awareness of the resources that are available through AARP and the Connecticut Securities Division.
Airing on radio stations throughout the state, each spot includes an introduction by Governor M. Jodi Rell.
Commissioner Pitkin determined the 2009 interest rate to be paid for rental security deposits; mortgage escrow accounts; public service company, certified telecommunications provider and electric supplier customer security deposits; and claims for property, funds, or money delivered to the State Treasurer.
The Departments of Banking and Insurance are participating in five statewide "Financial Workshops", sponsored by Governor Rell's office to address concerns about investments.
As part of the Campaign for Wise and Safe Investing, the Department of Banking and AARP hosted a fraud protection seminar for seniors on Wednesday, September 24, 2008 at the Four Points by Sheraton in Meriden, CT.
On July 1, 2008, the Department of Banking began participation in the Nationwide Mortgage Licensing System (NMLS). NMLS was designed to streamline the licensing process, improve supervision and increase transparency in the mortgage industry.
As part of its investor education and outreach program, this summer the Department of Banking is conducting presentations at senior centers throughout the state to help consumers learn how to avoid investment scams. The program is coordinated in cooperation with AARP-Connecticut as part of the "Campaign for Wise and Safe Investing."
The Department of Banking participated in a series of housing fairs designed to assist homeowners who are experiencing difficulties in paying their mortgages. These informational forums, sponsored by the Connecticut Housing Finance Authority, took place in Norwich, Waterbury, Hartford, Bridgeport and New Haven.
The Department of Banking and AARP Connecticut participate in National Consumer Protection Week and announce plans to host joint educational events in 2008. A joint release was issued - Consumer Protection and Financial Security Go Hand in Hand.
The Department of Banking receives national reaccreditation from the Conference of State Bank Supervisors.
Governor Rell and Banking Commissioner Pitkin remind holiday shoppers to be cautious and protect their financial information while shopping on-line.
Commissioner Pitkin determined the 2008 interest rate to be paid for rental security deposits; mortgage escrow accounts; public service company, certified telecommunications provider and electric supplier customer security deposits; and claims for property, funds, or money delivered to the State Treasurer.
The final report of the Governor's Sub-Prime Mortgage Task Force was issued on November 9, 2007.
Securities Director Ralph Lambiase was selected by the state’s Management Advisory Council to receive the Distinguished Managerial Service Award for 2007 in recognition of his leadership in state service.
Governor M. Jodi Rell and Banking Commissioner Howard Pitkin announced the establishment of a Mortgage Foreclosure Assistance Hotline - (877) 472-8313 - for Connecticut’s residents who are facing foreclosure on their homes.
A new consumer education page provides homeowners who are having trouble paying their mortgage with advice on avoiding foreclosure.
The Governor’s Task Force on Sub-Prime Mortgage Lending held an open meeting to give the public an opportunity to address the task force. The public forum took place on July 10, 2007 at the Legislative Office Building in Hartford.
To help protect seniors from investment fraud, AARP Connecticut, the Connecticut Department of Banking Securities Division and the U.S. Securities and Exchange Commission sponsored a free Safe Investing Seminar on May 14, 2007.
Governor Rell convened a task force of banking and mortgage experts to examine and make recommendations regarding the issue of sub-prime lending in Connecticut. Banking Commissioner Howard Pitkin and Gary King, President of CHFA will co-chair the task force.
Governor Rell Formally Nominates Howard Pitkin as Commissioner of the Department of Banking
Governor Rell Formally Nominates Alan Cicchetti as Deputy Commissioner of the Department of Banking
Commissioner Pitkin determined the 2007 interest rate to be paid for rental security deposits; mortgage escrow accounts; public service company, certified telecommunications provider and electric supplier customer security deposits; and claims for property, funds, or money delivered to the State Treasurer.
The Department of Banking partnered with Go Direct, a national campaign to encourage people who receive Social Security and other government benefits as paper checks to switch to direct deposit.
After serving for nearly twelve years, Commissioner John P. Burke retired from the Department of Banking. Governor M. Jodi Rell expressed her appreciation to Commissioner Burke for his exceptional service to the state and his commitment to Connecticut consumers.
Banking Commissioner, Attorney General, DCP Announce $750,000 Settlement in Waterbury Home Purchase Scam
As part of an ongoing effort to stay ahead of counterfeiting the U.S. Department of the Treasury's Bureau of Engraving and Printing issued a redesigned $10 note. This is the third in a series of designs which began with the introduction of the $20 note in October, 2003, and continued with the $50 note issued in September, 2004.
Governor M. Jodi Rell, Connecticut Department of Banking, and Connecticut Housing Finance Authority announce return of the Urban Rehabilitation Homeownership ("UR Home") Program to increase homeownership in Connecticut's urban areas.
Department of Banking to Receive $5.5 Million in Settlement With UBS Financial Services, Inc.
Commissioner Burke determined the 2006 interest rate to be paid for rental security deposits; mortgage escrow accounts; public service company, certified telecommunications provider and electric supplier customer security deposits; and claims for property, funds, or money delivered to the State Treasurer.
Commissioner Burke issues Statement of Policy affecting investors and/or financial professionals displaced as a result of Hurricane Katrina or Rita.
Banking, Securities and Related Laws - New compilations of banking, securities and related laws, updated to October 2005, are available for free download on the department's Web site.
The United States unveils new $10 notes designed to discourage counterfeiting, slated for release into circulation in early 2006.
Governor M. Jodi Rell, concerned about the growing vulnerability of Connecticut residents to identity thieves and financial predators, issued an executive order establishing an Identity Theft Advisory Board. The Banking Commissioner will serve on the board, expected to issue a report in January, 2006 on recommendations for improving the State's laws and policies.
The Department of Banking launches its new portal Web site with re-organized pages and new content for improved customer service.
Governor M. Jodi Rell and Commissioner John P. Burke announced that as of September 1st Connecticut consumers may obtain a free copy of their credit report once a year.
Commissioner Burke Issues Lottery Scam Alert Connecticut Consumers
Connecticut conducts a "disclosure review" of applications for securities registration. (By contrast, other states may conduct a so-called "merit review" of offerings within their borders). As a non-comprehensive guide, the Securities Division has prepared a series of registration disclosure tips for Connecticut issuers.
The department submitted its annual Administrative Report to Governor M Jodi Rell for the 2004-2005 state fiscal year outlining agency improvements and achievements.
Department of Banking statement regarding the closure of Need Action Federal Credit Union, Inc.
Banking Commissioner Announces "Top 10" Threats to Investors
Compliance Programs for State-Registered Investment Advisers in the wake of new federal requirements
Investment Advisory Codes of Ethics
Custody Requirements Updated for State-Registered Investment Advisers
New provisions of Connecticut law take effect to deter identity theft. Businesses and people may not print more than the last five digits of a credit or debit account number on a consumer's receipt and individuals, firms and corporations are prohibited, with certain exceptions, from publicly disclosing Social Security numbers.
2005 interest rate:
In accordance with state law, the Banking Commissioner determined the interest rate to be paid on claims for property, funds, or money delivered to the State Treasurer, mortgage escrow accounts, public service company and electric supplier customer security deposits and tenant security deposits for the calendar year of 2005.
A new consumer education page offers practical advice for avoiding scams involving fraudulent cashier's checks, money orders and other official-looking bank checks.
Banking Commissioner Warns About Fraudulent Holiday Season E-Mails
Guard against "phishing" scams with a new consumer education Web page.
New $50 Note - As part of a continual process to redesign currency to protect against advances in technology that may be used for counterfeiting, the United States issued a new $50 bill.
The Department of Banking adopted new regulations concerning administrative procedures that are available on the agency's Web site.
If you have a poor credit history, be wary of companies that promise to "clean up" your credit report for a fee. Learn what your options and obligations are with a new educational page on credit repair scams and debt management.
Responsibility for the licensing of check cashing services and money transmitters and issuers of money orders and travelers checks was assumed by the Consumer Credit Division.
New license renewal applications to issue Connecticut payment instruments and/or to transmit money are now available on-line.
An amended Accredited Investor Order was signed by the Commissioner and posted on the Web site.
Broker-Dealer Examination Program:
What can you expect during a Securities Division examination? What happens if a problem is discovered? A new summary offers broker-dealers insight into the Division's examination process and spotlights some of the issues the Division reviews during inspections.
The department's Bank Examination and Credit Union Divisions were merged into a new Financial Institutions Division. The Government Relations and Communications Division was renamed Government Relations and Consumer Affairs and was expanded to include consumer assistance and outreach previously done in the agency's operating divisions.
A new cyber threat alerts page provides current warnings for both financial institutions and consumers about E-mail and Internet fraud and other dangers.
Learn how to avoid advance fee loan scams in a new educational page for consumers.
What rights do consumers have when they are contacted by debt collectors?
New application packages for consumer credit licensees, including first and secondary mortgage lenders, correspondent lenders, brokers and originators, consumer collections agencies, debt adjusters, sales finance companies and small loan lenders, are now available.
New $20 Note
As part of a continual process to redesign currency to protect against advances in technology that may be used for counterfeiting, the United States issued a new $20 note.
||Most department licensing and registration forms are now screen-fillable. See our forms index page for more information on completing applications with your computer.|
Registered broker-dealers and investment advisers are exempted from the requirement that they maintain an on-site manager at each Connecticut branch office.
Financial Privacy Laws
On April 19, 2001, the Commissioner petitioned the Federal Trade Commission ("FTC") for a determination as to whether Connecticut's financial privacy laws are preempted by the Gramm-Leach-Bliley Act ("GLBA"). On June 7, 2002, the FTC issued a response in which it concluded that it did not see an "inconsistency" between Connecticut laws and federal laws. Accordingly, Connecticut law is not preempted by GLBA, and financial institutions subject to Connecticut's financial privacy laws must comply with their opt-in provisions.
An Application to Establish an Interstate Bank Branch. The Conference of State Bank Supervisors developed a uniform application which has been adopted by the Department of Banking. The form is available for download as a Word 97 document. Contact Mary Ellen O'Neill, at email@example.com or by phone at (860) 240-8185, for information concerning the application process.
Filing Instructions for Federally Covered Advisers - Instructions for Connecticut notice filings by federally covered investment advisers.
Securities Bulletin by E-Mail - Subscribe to a free new service to receive the Department's quarterly Securities Bulletin and other securities compliance updates by E-mail.
See if an Investment Adviser is Registered - Includes investment advisers that are regulated by the Securities and Exchange Commission and have filed a notice with the department
Order exempting employers of agents seeking multiple registration from joint and several liability undertaking
Old Stock Certificates
Is your old stock certificate worth any money? While we can't do research for you, we can offer valuable tips to help you determine whether a stock certificate still has value.
Simplified Registration by Coordination for Edgar Filers - Instructions and form for registering securities for which a registration statement has been filed with the Securities and Exchange Commission under the Securities Act of 1933.
Advantages of a Connecticut Credit Union Charter
Investment Adviser Public Disclosure (external link) - A new Web site intended to allow investors to electronically access information about money managers, financial planners and other investment advisers.
Order excluding banks from broker-dealer definition until SEC ruling becomes effective
Credit Union Charter Conversions and Name Changes
Indexes to advisory opinions and decisions issued by the Banking Commissioner concerning banking, credit union, consumer credit, landlord-tenant and business opportunity issues, dating back to 1976 and 1981, respectively
Order Simplifying Registration by Coordination Filings
Organization of a Connecticut Credit Union - Information on the chartering process for a new credit union
News Bulletin by E-Mail - Subscribe to a free new service to receive the Department's weekly News Bulletin by E-mail.
Promissory Note Scams - Tips on how to avoid becoming a victim in a promissory note scam, as part of the Informed Investor series.
Letter to FTC Re: Connecticut Privacy Laws - Banking Commissioner petitions the Federal Trade Commission (FTC) for a determination as to whether Connecticut's financial privacy laws are preempted.
Comment Letter Re: OCC Proposed Rulemaking - Banking Commissioner comments on a proposed rule of the Office of the Comptroller of the Currency (OCC) concerning the state laws applicable to operating subsidiaries of national banks.