Banking Law Update

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Category: Current Events in Banking

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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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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New England Council Unveils 2017 Regional Financial Sector Report

On June 29 th , the New England Council met in Concord, NH to present its annual report on the region’s financial sector, “ The New England Financial Services Industry: Around the Corner and Around the World .” After welcoming remarks by NH Governor Chris Sununu , the report...
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Financial Institutions...In the News

Foreclosures in Maine decline even with high number of foreclosures reported in 2016. ( PPH 5.8.17) The Financial CHOICE Act of 2017 which was recently introduced to the House Financial Services Committee repeals the Durbin Amendment and would save Maine Credit Unions and their members millions of dollars...
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Financial Institutions...In the News

Maine Harvest Credit Project formed an expert panel to assist with creating a new credit union for farmers and food entrepreneurs. ( Central Maine 3.16.2017) Savings accounts at financial institution generally remain low as f ederal rates increase for borrowing. ( BDN 3.15.2017) A study of Maine’s state-chartered banks...
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Financial Institutions . . . In the News

Maine Governor driving bill to block foreclosure action against Maine’s elderly . ( PPH 1.29.2017) Norway Savings Bank announces promotions of Dan Walsh , Janice deLima , Ian Pullen , Elysia Avery , and Donny Hinkley . ( Sun Journal 1.23.2017) New jobs created by the finalization of the...
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Financial Institutions...In The News

Retired President and CEO Mark Johnston of Kennebec Savings Bank was awarded the Peter G. Thompson Lifetime Achievement award by the Kennebec Valley Chamber of Commerce . ( Central Maine 1.4.2017) TransUnion and Equifax fined approximately $23 million for false advertising regarding credit score reports . ( Central Maine...
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Financial Institutions....In the News

Early in 2017, the U.S. Supreme Court ( Expressions Hair Design v. Schneiderman ) will hear arguments related to the credit card fees businesses are required to pay. ( BDN 11.29.2016) In the Portland area, national banks are on the decline while community banks have increased their presence...
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Financial Institutions . . . In the News

CEO Scott Budde of The Maine Harvest Credit Project plans to file applications in January to become a state-chartered credit union in Maine. ( Mainebiz 10.31.2016) Banks sending elaborate gifts to businesses and individuals are a new scam in Maine. ( WCSH6 11.2.2016) Gardiner, Maine received an historic block...
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Financial Institutions . . . In the News

U.S. Senators ask the Justice Department to investigate Wells Fargo executives on criminal charges. ( Bloomberg 10.6.2016) The first 6 months of 2016 shows Maine credit unions exceeding $7 billion in combined assets. ( Portland Press Herald 10.12.2016) The Federal Reserve is seeing signs that interest rates should be...
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Financial Institutions . . . In the News

Acadia Trust merges with Camden National Bank and will now be called Camden National Wealth Management . ( Central Maine 9.14.2016) Senate Committee prepares to question Wells Fargo CEO on high-pressure sales tactics. ( Central Maine 9.19.2016) Wells Fargo CEO Stumpf receives harsh criticism from members of the Senate...
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Financial Institutions . . . In the News

Wells Fargo’s Middle Market Banking office opens in Portland. ( Mainebiz 8.9.2016) Personal Income rose in Maine at the start of this year according to a study by Pew Charitable Trust . ( PPH 8.29.2016) Buoy Local gift-card company bought by Bangor Savings Bank . ( PPH 9.1.2016) Kennebec...
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Lake Sunapee Bank and Bar Harbor Bank & Trust Merger Application Filed

The Maine Bureau of Financial Institutions has received applications to approve the merger of Lake Sunapee Bank Group with Bar Harbor Bankshares and the merger of Lake Sunapee Bank, FSB and Bar Harbor Bank & Trust. The merger will provide a total of 50 branches in Maine, New Hampshire...
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Financial Institutions . . . In the News

The Federal Reserve decided to not raise interest rates due to a weak May employment report and uncertainty about international economies. ( Portland Press Herald 7.6.2016) Creating and using fake credit cards to buy $50,000 plus worth of goods in Maine leads to man’s arrest, jail, and a $250,000...
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