Bulletin 3238 - March 13, 2026

Bulletin 3238 - March 13, 2026

The Department of Banking News Bulletin

Bulletin # 3238 - Week Ending March 13, 2026

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 directed to Jorge L. Perez, Banking Commissioner. Written comments will be considered only if they are received within ten business days from the date of this bulletin.

BANK ACTIVITY

Branch Activity

On March 12, 2026, the Commissioner approved an application from Jewett City Savings Bank, a Connecticut bank headquartered in Jewett City, pursuant to Section 36a-145 of the Connecticut General Statutes. The full-service branch will be located at 106 Storrs Road, Mansfield, Connecticut. The anticipated opening date is December 1, 2026.

CREDIT UNION ACTIVITY

Branch Activity

On March 12, 2026, the Commissioner approved an application from Nutmeg State Financial Credit Union, a Connecticut credit union headquartered in Rocky Hill, pursuant Section 36a-462a of the Connecticut General Statutes. The full-service branch will be located at 1647 Whitney Ave, Hamden, Connecticut. The proposed opening date is May 4, 2026.

Merger

On March 6, 2026, America's First Network Credit Union, a Connecticut credit union headquartered in East Hartford, and Waterbury Postal Employees Federal Credit Union, a federal credit union, filed an application pursuant to Section 36a-468a of the Connecticut General Statutes seeking approval for the merger of Waterbury Postal Employees Federal Credit Union with and into America's First Network Credit Union. The proposed target date for this merger is the second quarter 2026.

CONSUMER CREDIT ACTIVITY

Bitcoin Depot Operating LLC d/b/a Bitcoin Depot f/k/a LUX Vending LLC

On March 9, 2026, the Commissioner issued an Order of Summary Suspension, Temporary Order to Cease and Desist, Order to Make Restitution, Order to Provide Disgorgement, Notice of Intent to Revoke and Refuse to Renew Money Transmission License, Notice of Intent to Issue Order to Cease and Desist and Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (collectively, "Order and Notice") in the matter of: Bitcoin Depot Operating LLC d/b/a Bitcoin Depot f/k/a LUX Vending LLC (NMLS # 1886902) ("Respondent"), Sandy Springs, Georgia. The Order and Notice was the result of an investigation of Respondent by the Consumer Credit Division.

The Commissioner alleged that: (1) Respondent failed to maintain the minimum tangible net worth required of money transmission licensees in violation of Sections 36a-600(d) and 36a-604(c) of the Connecticut General Statutes; (2) Respondent charged fees or commission for virtual currency transactions at its virtual currency kiosks ("VC Kiosk") in excess of 15% of the amount of each virtual currency transaction in violation of Section 36a-613(f) of the Connecticut General Statutes, in effect at such time; (3) Respondent allowed individual customers, from October 1, 2023, through September 30, 2024, to engage in VC Kiosk transactions in excess of the daily statutory limit of $2,500 in violation of Section 36a 613(g) of the Connecticut General Statutes, in effect at such time; (4) Respondent allowed new customers, from October 1, 2024 through July 27, 2025, to engage in VC Kiosk transactions in excess of the daily statutory limit of $2,000 in violation of Section 36a 613(g)(1) of the Connecticut General Statutes, in effect at such time; (5) Respondent failed to obtain a copy of a government-issued identification card to identify the customer of Respondent in violation of Section 36a-613(i)(1) of the Connecticut General Statutes, in effect at such time; (6) Respondent, upon the completion of virtual currency transactions at its owned or operated VC Kiosks, failed to provide to customers a receipt containing all of the required information in violation of subparagraphs (B), (C), (G), (H), (I), (K), (L) and (M) of Section 36a-613(e)(1) of the Connecticut General Statutes, in effect at such time; (7) Respondent failed to identify and speak by telephone with new customers over sixty years of age prior to such new customers completing their first virtual currency transaction with Respondent, Respondent further failed to record and retain such communications and Respondent failed to (a) reconfirm any attestations made by such new customers, (b) discuss the transaction, and (c) discuss types of fraudulent schemes relating to virtual currency in violation of Section 36a 613(i)(7) of the Connecticut General Statutes, in effect at such time; (8) Respondent failed to allow at least one new customer, upon the request of the new customer, to cancel and receive a full refund for any fraudulent virtual currency transactions that occurred not later than seventy-two hours after the new customer registered as a customer of Respondent and not later than thirty days after the last virtual currency transaction that occurred during such seventy-two hour period in violation of Section 36a-613(h) of the Connecticut General Statutes, in effect at such time; (9) Respondent failed to, in establishing a relationship with customers and prior to entering into initial virtual currency transactions for, on behalf of or with such customers, disclose in clear, conspicuous and legible writing in the English language all material risks associated with virtual currency generally in violation of subdivisions (1) and (7) of Section 36a 613(a) of the Connecticut General Statutes, in effect at such time; (10) Respondent failed to provide terms and conditions to Connecticut consumers prior to each virtual currency transaction, including the amount of the transaction, any fees, expenses and charges borne by the customer, including, but not limited to, applicable exchange rates, the type and nature of the virtual currency transaction, a warning that, once executed, the virtual currency transaction may not be undone, if applicable, a daily virtual currency transaction limit in accordance with Connecticut General Statutes and the difference in the sale price of the virtual currency versus the current market price in violation of Section 36a-613(c) of the Connecticut General Statutes, in effect at such time; (11) Respondent made false or deceptive statements or representations in connection with money transmission, particularly the availability and applicability of the statutory refund policy in violation of Section 36a 607(c)(5) of the Connecticut General Statutes; (12) Respondent failed to establish, enforce and maintain policies and procedures for supervising employees, agents and office operations that are reasonably designed to achieve compliance with applicable money transmission laws and regulations in violation of Section 36a-606a of the Connecticut General Statutes and Section 31 CFR 1022.210 of the Currency and Foreign Transactions Reporting Act; (13) The totality of Respondent's conduct is likely to otherwise materially prejudice the interests of Connecticut consumers and cause Respondent to be engaged in unsafe or unsound practices within the meaning of Section 36a-608(a) of the Connecticut General Statutes and fails to meet the minimum standards for renewal based on unsound financial condition and causes the Commissioner unable to find that Respondent's business will be conducted honestly, fairly, equitably, carefully and efficiently within the purposes and intent of Sections 36a-595 to 36a 612 of the Connecticut General Statutes pursuant to subdivisions (1) and (2) of Section 600(a) of the Connecticut General Statutes and Section 36a 601(a)(1) of the Connecticut General Statutes.

The Commissioner found that the public safety and welfare imperatively require emergency action to summarily suspend Respondent's license to engage in the business of money transmission in Connecticut and also found that the public welfare required immediate action to issue a Temporary Order to Cease and Desist against Respondent. As part of the Order to Make Restitution, Respondent was ordered to refund all sums lost by Connecticut consumers as result of scams, the fees in excess of 15%, administrative fees assessed during refunds. As part of the Order to Provide Disgorgement, Respondent was ordered to disgorge to the Department all fees or revenue received as a result of engaging in unsafe or unsound practices within the meaning of Section 36a-608(a) of the Connecticut General Statutes. Respondent was afforded an opportunity to request a hearing with regard to the allegations set forth in the Order and Notice.

Dated: Tuesday, March 17, 2026

Jorge L. Perez
Banking Commissioner