Settlement  Settlement Agreement: Bridge IT, Inc. d/b/a Brigit

Date:	05/05/2026
Organization:	Division of Banks
Docket Number:	2026-002
Location:	Boston, Massachusetts

This Settlement  Agreement is made this 5^th day of May 2026, between Bridge IT, Inc. d/b/a Brigit, New York, New York (“Bridge IT” or “Corporation”) and the Massachusetts Division of Banks (“Division”).

Whereas, Bridge IT, a corporation headquartered in New York, New York with full knowledge of its rights to Notice and Hearing pursuant to Massachusetts General Laws chapter 30A and having waived those rights, consents to this agreement ("Settlement Agreement") with the Division, solely for the purpose of resolving this matter in its entirety, and without admitting, and otherwise denying, any allegations or implications of fact, wrongdoing, or the existence of any violation of laws, regulations, and rules governing the conduct and operation of the third party loan servicing business in the Commonwealth of Massachusetts.

Background

Whereas, a person or entity must register with the Commissioner of Banks (“Commissioner”) prior to engaging in the business of a third party loan servicer in Massachusetts pursuant to Massachusetts General Laws chapter 93, section 24A(b);

Whereas, a person or entity engaging in the business of a third party loan servicer in Massachusetts must comply with the requirements of 209 CMR 18.00 et seq.;

Whereas, Bridge IT has its main office located at 36 W 20th Street, Floor 11, New York, NY 10011;

Whereas, Bridge IT allegedly engaged in the business of a third party loan servicer from at least July 2021 through present in Massachusetts without the appropriate registration;

Whereas, according to records maintained on file with the Division, and as recorded on the Nationwide Multi-State Licensing System and Registry (“NMLS”), on or about June 23, 2025, Bridge IT submitted an application to engage in the business of a third party loan servicer;      

Whereas, upon being made aware that a third party loan servicer registration was required, Bridge IT immediately cooperated with the Division in an effort to promptly resolve its concerns; and

Whereas, the parties now seek to resolve by mutual agreement the matters identified above.

Agreement

Now come the parties in the above matter, the Division and Bridge IT, agree as follows:

1. Bridge IT shall remit one million nine hundred thousand dollars ($1,900,000.00) to the Commonwealth of Massachusetts Division of Banks Settlement Trust upon execution of this Settlement Agreement. The funds shall be payable by cashier’s check to the “Commonwealth of Massachusetts Division of Banks Settlement Trust,” and mailed to the Division of Banks, Attn: Consumer Finance and Money Service Business Licensing Unit, One Federal Street, Suite 710, Boston, Massachusetts 02110-2012. 
2. Bridge IT shall immediately cease and desist from engaging in any business activity that requires licensing or registration from the Division, prior to obtaining the appropriate license or approval from the Division including, but not limited to, acting as a third party loan servicer in Massachusetts as such business is described in Massachusetts General Laws chapter 93, section 24A.
3. Bridge IT shall establish, implement, and maintain adequate internal policies and procedures to ensure that Bridge IT refrains from engaging in any business activity that requires licensing or registration from the Division prior to obtaining the appropriate license or approval from the Division. 
4. Without limiting the Commissioner’s discretion set forth within Massachusetts General Laws chapter 93, section 24A and the Division's regulation 209 CMR 18.00 et seq., in determining whether to issue a registration to Bridge IT, any such application shall not be denied solely as a result of any of the issues resolved by this Settlement Agreement or because Bridge IT entered into this Settlement Agreement.

General Provisions

1. Nothing in this Settlement Agreement shall be construed as permitting Bridge IT to violate any law, rule, regulation, or regulatory bulletin to which Bridge IT is subject.
2. Failure to comply with the terms of this Settlement Agreement may constitute grounds for formal regulatory action pursuant to applicable provisions of the General Laws of the Commonwealth of Massachusetts including, but not limited to, revocation of any and all licenses or registrations issued by the Division or denial of any applications pending with the Division.
3. This Settlement Agreement shall become effective immediately upon the date of its issuance.
4. The provisions of this Settlement Agreement shall be binding upon Bridge IT and its respective subsidiaries, officers and directors, successors and assigns, and those persons in active participation with them, directly or indirectly, acting individually or through any corporate or other entity.
5. In consideration of this Settlement Agreement, the Division agrees not to pursue any other remedial measures, sanctions, or penalties relative to this matter unless the Division is made aware of material information that is not addressed in this Settlement Agreement, or if Bridge IT fails to comply with the terms of this Settlement Agreement.
6. The provisions of this Settlement Agreement shall not limit, estop, or otherwise prevent any other state agency or department from taking any other action under separate authority affecting Bridge IT or any of its officers and directors, or their successors or assigns.
7. The provisions of this Settlement Agreement shall remain effective and enforceable except to the extent that and until such time as the Commissioner or a court of competent jurisdiction modifies, terminates, suspends, or sets aside any provision of this Settlement Agreement.
8. This Settlement Agreement is the complete document representing the resolution of this matter. There are no other agreements, promises, representations, or warranties between the Division and Bridge IT.

Agreed this 5^th day of May, 2026.

Bridge IT, Inc. d/b/a Brigit
New York, New York
By its duly authorized officer: 
Gregory McGreevy, VP, Head of Legal   

By: Mary L. Gallagher
Commissioner of Banks
Commonwealth of Massachusetts

Signed this 5^th day of May, 2026