Alert 2005-14 | August 10, 2005

Unauthorized Banking: Destiny Capital Mortgage, Inc., dba Destiny Capital Mortgage Bank, Irving, Texas

To

Chief Executive Officers of All National Banks; All State Banking Authorities; Chairman, Board of Governors of the Federal Reserve System; Chairman, Federal Deposit Insurance Corporation; Conference of State Bank Supervisors; Deputy Comptrollers (districts); Assistant Deputy Comptrollers; District Counsel and Examining Personnel

The Office of the Comptroller of the Currency (OCC) has been informed that the State of Texas Department of Banking and the Texas Savings and Loan Department have issued cease-and-desist orders against the above-referenced entity for unauthorized banking activity and unauthorized mortgage banking activities. According to the order issued by the Texas Department of Banking, Destiny Capital Mortgage, Inc., is falsely representing itself as a bank via the Internet and is engaged in the unauthorized solicitation of deposits from the general public. The referenced entity also claims to have branch locations in seventeen states and the District of Columbia.

Please be advised that the neither the OCC nor the State of Texas has authorized Destiny Capital Mortgage, Inc., to operate as a bank or conduct the business of banking anywhere in the United States.

Any information that you may have concerning this matter should be brought to the attention of the State of Texas Department of Banking:

Email: consumer.complaints@banking.state.tx.us
Toll Free: 1 (877) 276-5554

Brian C. McCormally
Director
Enforcement & Compliance Division

Topic(s):

Counterfeit/Stolen Instruments