Banking Law Update

A blog from the attorneys of Verrill

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Financial Institutions . . . In the News

Judy Shelton nomination blocked by Senate to Federal Reserve ( Portland Press Herald 11.17.2020) Judy Shelton is expected to receive Senate confirmation this week to the Board of Governors for the Federal Reserve . ( PBS NPR 11.16.2020) Bangor Savings Bank and Damariscotta Bank & Trust plan merger closing...
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Financial Institutions . . . In the News

The July 2020 U.S. Foreclosure Market Report was released. ( DS News 8.27.2020) Federal Chairman Jerome Powell shows a plan to bolster the economy for the long-term. ( The Hill 8.26.2020) A May report shows mortgages with a 30-day delinquency rises above 7.9%. ( MSN 8.19.2020) Maine community banks...
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Financial Institutions . . . In the News

Town & Country Federal Credit Union to host virtual money conference ( Mainebiz 6.23.2020) Connected Credit Union and Winslow Community Federal Credit Union ’s merger is effective June 27 and will be known as Connected Credit Union . ( Mainebiz 6.23.2020) Maine housing market prices increased whiles sales fell...
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Financial Institutions . . . In the News

Rent and loan payment forbearance rules are not all the same. ( Sun Journal 5.1.2020) Applications for rent relief have increased in the last few weeks. ( Central Maine 4.29.2020) The Federal Reserve will disclose information on companies and localities that use the lending programs. ( The Hill 4.23.2020...
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Financial Institutions . . . In the News

Hundreds of business owners filing federal aid applications with lenders. ( Portland Press Herald 4.6.2020) Maine Securities Administrator Judith Shaw cautions to be careful of scammers. ( Central Maine 4.6.2020) New Dimensions Federal Credit Union CEO Ryan Poulin greets members in line for drive-up window services. ( Central Maine...
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COVID-19: Federal Bank Regulators Scramble to Issue Waivers and Guidance

As state, federal, and local governments impose ever-greater limitations on business activities and mobility in order to lessen the spread of the coronavirus, the strain on the US economy has grown exponentially. Over the past several weeks, the stock market has tumbled, unemployment has grown, and many businesses are...
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Financial Institutions . . . In the News

The FDIC issued information for bankers and consumers regarding the coronavirus (COVID-19). ( FDIC ) In response to COVID-19, Maine banks and credit unions issued a joint statement on available services at financial institutions. ( PPH 3.17.2020) The Federal Reserve cuts interest rates to near 0%. ( Newsweek 3.15.2020...
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Financial Institutions . . . In the News

Bangor Savings Bank plans new branches and new hires. ( BDN 1.7.2020) Biddeford Savings Bank and Mechanics Savings Bank have combined to form Maine Community Bank . ( Central Maine 1.7.2020) Mortgage rates in 2020 are expected to stay low but supply of housing may still prove a problem...
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Financial Institutions...In the News

Consumer Data Industry Association files complaint against the State of Maine over two recently enacted laws. ( BDN 10.2.2019) Doors officially open October 8 th at 1 PM at Maine Harvest Federal Credit Union serving farmers and food producers. ( Waldo Village Soup 10.1.2019) House passes the Secure and...
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Financial Institutions . . . In the News

Maine passed new foreclosure proceedings and Notice of Mortgagor’s Right to Cure laws. ( JDSupra 8.20.19) Maine’s zombie housing market remains higher than the national average. ( Housing Wire 8.15.19) Jason House promoted Regional Vice President for TD Bank , Northern Maine. ( BDN 8.9.19) Ocwen Loan Servicing agrees...
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ABA Publishes White Paper On Banking Cannabis Businesses

The American Bankers Association has just issued a report entitled " The Public Benefits of Banking Cannabis Businesses ." The report was issued July, 2019, and is available here . The ABA Report highlights the challenges of preventing cannabis-related businesses from accessing the banking system, particularly as the industry...
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Financial Institutions . . . In the News

Bangor Savings Ban k ends 2018 with a 38% increase from 2017. ( BDN 6.21.19) Bar Harbor Trust Services was added to the lawsuit involving theft by Robert K. Lindell, Jr. ( BDN 6.11.19) Canada’s largest banks are looking outside Canada to continue growing. ( Bloomberg News 5.24.19) Plans...
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Financial Institutions...In the News

Wells Fargo CEO Tim Sloan was called to testify before House Financial Services Committee hearing. ( PPH 3.11.2019) Forbes rates Bangor Savings Bank as one of the “World’s Best Banks.” ( Mainebiz 3.12.201) Matthew Fleming became Down East Credit Union’s chief financial officer on April 1 . ( Mainebiz...
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Financial Institutions . . . In the News

Unsuccessful attempt at hacking is being investigated by the FBI . ( BDN 1.28.19) Steward Partners Global Advisory LLC opens office in Portland. ( Mainebiz 1.25.19) Four of Key Bank’s branches are schedule to close by April. ( Central Maine 1.23.19) Kierston Van Soest was appointed to the New...
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Financial Institutions . . . In the News

Steve deCastro becomes CEO and President of G orham Savings Bank . ( PPH 1.2.19) Camden National Bank makes technology changes to meet the growing needs of its customers. ( PRNewswire 12.11.18) TD Bank rated first for SBA Loans in several states, including Maine. ( Guru Focus 12.11.18) Todd...
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Financial Institutions . . . In the News

Michael Griffin , Executive Director of JP Morgan Chase & Co., leads a new commercial banking industry in Portland. ( Mainebiz 10.26.2018) Maine Harvest Credit Project becomes Maine’s 56th credit union and first exclusively for farmers and food producers. ( Mainebiz 10.16.2018) Maine home foreclosures continue to decline...
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Financial Institutions . . . In the News

FBI issues warning of potential cybercrime that could be worth millions stemming from fraudulent ATM cards . ( News Center Maine 8.14.2018) Bank mergers and acquisitions are lower in the Northeast than in other regions. ( American Banker 7.30.2018) President and CEO Bob Montgomery-Rice announces the opening of the...
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Financial Institutions...In the News

Commercial loans increased for Bar Harbor Bankshares in the second quarter. ( MaineBiz 7.23.2018) President Trump is unhappy with the Federal Reserve increasing interest rates . ( BDN 7.20.2018) Paul Andersen , CEO of Androscoggin Bank , announces Neil Keily as President. Paul Andersen plans to be the Chairman...
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Financial Institutions . . . In the News

Wells Fargo Bank $1 billion fine is among the largest set by regulators . ( Central Maine 4.19.2018) Federal Reserve Chairman Jerome Powell maintains that slow and steady increases in rates is the right course of action to strengthen the economy . ( PPH 4.7.2018) Lake Sunapee Bank in...
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Financial Institutions . . . In the News

Maine banks encountered a positive 2017 and 2018 looks promising. ( The Ellsworth American 3.5.2018) Federal Reserve Chairman Jerome Powell plans gradual increase in interest rates . ( PPH 3.1.2018) Equifax breach affected 147.9 million consumers which is more than initially reported. ( BDN 3.1.2018) Lincoln J. Merrill becomes...
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Financial Institutions . . . In the News

New Hampshire’s legislature is debating changes to foreclosure laws. ( Concord Monitor 1.29.18) Record breaking sales of Maine homes in 2017 kept prices surging in Cumberland and York counties. ( PPH 1.24.18) Marion Colombo joins Bar Harbor Bank & Trust as Executive Vice President of Retail Delivery in February...
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Trump’s Tax Plan WILL Affect You – But How?

On December 22, 2017, in one of the fastest-moving pieces of legislation to come across a President’s desk, President Trump signed into law a bill generally known as the “ Tax Cuts and Jobs Act ,” formally HR1 – An Act to provide for reconciliation pursuant to titles II...
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Financial Institutions . . . In the News

Bangor Savings Bank’s acquisition of Granite Bank of New Hampshire was unanimously approved by the boards of directors. ( Central Maine 10.24.2017) Toronto-Dominion Bank (TD Bank) is a top 10 US bank and has plans for future growth. ( Bloomberg 10.23.2017) The Maine Supreme Court ruled in favor of...
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Financial Institutions...In the News

Equifax troubles continue as customers were lead to fictitious site. ( Maine Public 9.22.2017) Social Security Numbers are under scrutiny as a way to identify individuals. ( BDN 9.21.2017) Foreclosures in hurricane hit disaster areas remain low. ( DSNews 9/21/17) In months prior to 142 million individual’s personal information...
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Financial Institutions . . . In the News

High flood insurance premiums endanger waterfront investments . ( PPH 9.9.17) Data breach at Equifax puts 143 million people across the United States at risk of identity theft . ( Central Maine 9.8.17) Governor LePage supports a bill that keeps elderly Mainers from home foreclosure . ( PPH 9.5.17...
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Financial Institutions . . . In the News

Elizabeth Hayes , President and CEO of Infinity Federal Credit Union , was recently named one of the Women to Watch in 2017 . ( Mainebiz 8.7.17) LEAF Commercial Capital, Inc . is acquired by People’s United Bank . ( PR Newswire 8.2.17) Saco & Biddeford Savings Institution has...
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Financial Institutions . . . In the News

Thirteen employees at Saco & Biddeford Savings Institution earned certificates and high honor awards this year through the Center for Financial Training and Education Alliance (CFTEA) . ( BDN 7.10.17) Mainers affected by State government shut-down will have fees cut by TD Bank and credit unions . ( WGME...
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