DOB: DOB Recovers Nearly $4 Million for Consumers in 2016

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NEWS RELEASE

Department of Banking Recovers Nearly $4 Million
For Connecticut Consumers and Investors in 2016

February 14, 2017

Banking Commissioner Jorge Perez today announced that the Connecticut Department of Banking recovered $3.8 million in restitution for consumers and investors in 2016. 

“Consumer and investor protection is the number one priority at the Department of Banking,” said Commissioner Perez.  “Effective examination and enforcement of our regulated entities is the key to ensuring that any improper conduct by a business or individual is carefully pursued to the extent our laws allow.  I am very proud of the hard work by my staff that resulted in money being returned to consumers and investors.”

The Department of Banking is alerted to possible unlawful activity through direct complaints from consumers or through its examination process. The largest case in the past year originated in the Department’s Consumer Affairs Division concerning a complaint about National Credit Adjustors that resulted in $1.3 million for over 1,200 affected consumers in 2016. Since 2011, the Department has recovered over $67 million on behalf of Connecticut consumers.

The Department of Banking regulates the financial services industry in Connecticut, by licensing and examining state-chartered banks and credit unions, mortgage companies, and non-mortgage institutions including small loan lenders, debt adjusters, consumer collection agencies, check cashers and money transmitters.  The Department also regulates the securities industry by conducting examinations and registering broker-dealers and investment advisers, along with their agents and branch offices, business opportunity offerings for sale in Connecticut and registering securities.

We encourage residents to visit www.ct.gov/dob to find out if their financial institutions is licensed by the state.  Our online complaint form provides a quick and easy way to submit your complaints.  Consumer may also call 1-800-831-7225 prior to submitting a formal complaint.  We are happy to answer questions, pursue complaints and handle disputes that fall under our jurisdiction.