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Depository and Licensee Enforcement Activity
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 Depository Enforcement

Enforcement actions are posted on this web site at the end of the month subsequent to the month in which the formal agreements are signed by the Bank and the Commissioner of Banking and Insurance or have been adjudicated by a court of law.
 
2016
Institution: Crown Bank
Type of Action:
2nd Amended Consent Order - issued in parallel with the Federal Deposit Insurance Corporation
Effective Date: December 14, 2016
Reason: Safety and soundness issues related to Management, Board Participation, Capital, Dividends, Loss Charge Offs, Asset Quality, Allowance for Loan and Lease Losses, Credit Risk Management and Administration, Growth Planning, Strategic Planning, Audit Program, Liquidity and Funds Management, and Financial Reporting.
 
Institution: 1st Colonial Community Bank
Type of Action: Acknowledgement and Consent of Federal Deposit Insurance Corporation Consent Order
Effective Date:
October 5, 2016
Reason: Safety and soundness issues related to Board Supervision, Management, Written BSA Compliance Program, BSA Risk Assessment, BSA Internal Controls, BSA Independent Testing, BSA Officer, BSA Staffing, BSA Training, Look Back Review and Corrective Action.
 
Institution: Indus American Bank
Type of Action: Consent Order
Effective Date:
April 12, 2016
Reason: Safety and soundness issues related to Board Participation, Management, Profit and Budget Plan, Capital Allowance for Loan and Lease Losses, Classified Assets Reduction, Loss Charge-Off, Loan Review Program, Loan Policy, Internal Routine and Controls, Audit Program, Insider Transactions, Brokered Deposits, Strategic Plan, and Correction of Violations.
 
2015
Institution: Crest Savings Bank
Type of Action: Acknowledgement and Consent of Federal Deposit Insurance Corporation Consent Order
Effective Date:
August 12, 2015
Reason: Safety and soundness issues related to Board Supervision, Management, Written BSA Compliance Program, BSA Risk Assessment, BSA Internal Controls, BSA Independent Testing, BSA Officer, BSA Staffing, BSA Training, Look Back Review and Corrective Action.
 
Institution: Fulton Bank of New Jersey
Type of Action:
Consent Order
Effective Date:
February 25, 2015
Reason: Safety and soundness issues related to Board Supervision, Management, Bank Secrecy Act Compliance, and Correction of Violations. 
 
2009
Institution: Amboy Bank
Type of Action:
Written Agreement - issued in parallel with the Federal Reserve Bank of New York
Effective Date:
June 29, 2009
Reason: Safety and soundness issues related to Capital, Asset Quality, Earnings, Management, Liquidity and Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Compliance.
 
Rescinded Enforcement Actions

Name of Bank Type of Action Effective Date Rescinded Date
Bank of Princeton Consent Order 02/03/2014 02/03/2015
Harvest Community Bank Consent Order 03/20/2015 01/13/2017
New Jersey Community Bank Consent Order 07/30/2015 07/28/2016
GSL Savings Bank Consent Order 04/15/2014 07/11/2016
Millville Savings Bank Consent Order 06/26/2014 05/11/2016
 
FDIC Enforcement Decisions and Orders

Press Releases

Enforcement orders and notices are announced to the public in a monthly press release listing all final enforcement orders and notices of changes issued by the FDIC during the previous month and administrative hearings scheduled for the next month.
 
 
Office of Consumer Finance Enforcement
April 2018

Consent Order

Richie Frangiosa
NMLS #134678
1st ADV Holdings, LLC
Consent Order #E17-018529, April 3, 2018.  Respondent person engaged in residential mortgage loan processing activities with respect to New Jersey property from a Texas-based company agreed to cease and desist from any such activities unless and until duly licensed by this Department.  Penalty:  cease and desist

S. I. Mortgage Group, Inc.

NMLS #17635
Robert DeFalco
NMLS #89820
Consent Order #E18-01888, April 2, 2018.  Respondent residential mortgage broker agreed to ensure that it maintains a surety bond continually in force, at the properly volume-adjusted penal amount, to ensure that statements in its annual report are true and accurate, and to pay an administrative penalty.  Penalty:  $6,000

 
March 2018

Consent Order

Blanca A. Medina
NMLS #246837
Consent Order #E18-018866, March 20, 2018.  Respondent agreed to revocation of her mortgage loan originator license and a permanent bar from involvement in the residential mortgage loan origination business, as a result of a finding that she altered documents in connection with mortgage loan applications.  Penalty:  revocation and bar

Gold Ring Investment, Inc.

NMLS #336468
Consent Order #E17-018765, March 15, 2018.  Respondent mortgage broker agreed to ensure compliance with requirement to provide a residential mortgage loan applicant with a broker agreement detailing services and fees in accordance with regulations, and to pay an administrative penalty.  This is a repeat violation found during a routine examination.  Penalty:  $1,000

Golden Crown LLC

Adir Asoulin
Consent Order #E18-018867, March 8, 2018.  Respondent pawnbroker agreed to pay administrative penalties for its failure to produce books and records required for examination and to file timely annual reports.  Respondent agreed to pay past due assessments totaling $850.  Penalty:  $6,500

Garden State Home Loans, Inc.
NMLS #473163
Justin DeJoseph
Consent Order #E17-018780, March 6, 2018.  Respondent mortgage lender agreed to cease making use of persons not licensed as mortgage loan originators to perform licensed activities with respect to New Jersey residential mortgage loans, and to pay administrative penalties.  Penalty:  $12,000

 
January 2018

Consent Order

MLD Mortgage, Inc
d/b/a The Money Store
d/b/a Mortgage Lending Direct
NMLS #1019
Consent Order #18-18832, January 26, 2018.  Resolved issues found in a multi-state examination conducted with the Multi-State Mortgage Committee of the Conference of State Bank Supervisors.  Respondents agreed to cease conducting loan origination business through individual loan originators not licensed in the property state, to correct other policies and practices, and to pay administrative penalties.  Multi-State Penalties:  $720,000

 
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New Jersey Department of Banking and Insurance