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WHEREAS, Doubles Building Society, LLC, d/b/a Small Financial Organization, Worcester, Massachusetts ("Doubles Building Society" or the "Company"), a licensed foreign transmittal agency under Massachusetts General Laws chapter 169 has been advised of its right to Notice and Hearing pursuant to General Laws chapter 169, section 13, and having waived those rights, entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER ("Consent Agreement") with representatives of the Division of Banks ("Division") dated June 29, 2012, whereby, solely for the purpose of settling this matter, and without admitting any allegations or implications of fact or the existence of any violation of state or federal laws and regulations governing the conduct and operation of a foreign transmittal agency, Doubles Building Society agrees to the issuance of this CONSENT ORDER ("Consent Order") by the Commissioner of Banks ("Commissioner");
WHEREAS, pursuant to General Laws chapter 169, section 13(b), the Commissioner issued a FINDINGS OF FACT AND TEMPORARY ORDER TO CEASE AND DESIST, Docket No. 2009-114 (the "Temporary Order"), against Doubles Building Society on July 2, 2009, as a result of Doubles Building Society’s alleged failure to demonstrate and maintain the financial responsibility, character, reputation, integrity, and general fitness that would warrant the belief that its foreign transmittal business will be operated honestly, fairly, and soundly in the public interest in violation of General Laws chapter 169, section 6 and the Division’s regulation 209 CMR 44.03;
WHEREAS, on April 28, 2010 the Commissioner and Doubles Building Society entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER ("2010 Consent Order") for the purpose of settling the matters raised by the Temporary Order;
WHEREAS, an examination/inspection of Doubles Building Society was conducted pursuant to General Laws chapter 169, section 10, as of February 17, 2011 (the "2011 examination/inspection") to assess the Company’s level of compliance with applicable state and federal laws, rules, regulations and regulatory bulletins governing the conduct of those engaged in the business of a foreign transmittal agency in the Commonwealth, as well as to assess the Company’s compliance with the 2010 Consent Order;
WHEREAS, the Report of Examination/Inspection (the "Report") issued pursuant to the Division’s examination/inspection of Doubles Building Society as of February 17, 2011 alleged substantial non-compliance with applicable state and federal statutes, rules, and regulations governing the conduct of those engaged in the business of a foreign transmittal agency in Massachusetts;
WHEREAS, the Division has considered the findings presented in the Report and has determined that the Company is not in full compliance with the provisions of the 2010 Consent Order;
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Report; and
WHEREAS, by mutual agreement of the Company and the Division, the 2010 Consent Order is hereby superseded and replaced by this Consent Order.
NOW COME the parties in the above-captioned matter, the Division and Doubles Building Society, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:
Dated at Boston, Massachusetts, this 29th day of June, 2012
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts