Banking Law Update

A blog from the attorneys of Verrill

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Category: Operations

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 May Now Post Annual Privacy Policies Online

Under the Gramm-Leach-Bliley Act and regulations promulgated by the Bureau of Consumer Financial Protection (Bureau), financial institutions are required to provide customers with an annual disclosure of their privacy policies. The cost of mailing paper copies to consumers is significant. The Bureau therefore promulgated a new rule effective October...
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Supreme Court Set to Decide if Mortgage Loan Officers Are Entitled to Overtime Pay

Whether or not mortgage loan officers are entitled to overtime pay is an unsettled issue under the Fair Labor Standards Act . At one point, mortgage loan officers were deemed exempt “administrative” workers. However, a 2010 interpretation of the US Department of Labor suggested that this exemption did not...
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Tips for Merchants and Consumers Facing a Data Breach

The high-profile data breach at Target made international news. But small and midsized businesses face the majority of cyber attacks and are even more likely to have employees mishandle data than large enterprises. Here are some tips for merchants and consumers when faced with a data breach. All companies...
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Maine Updates Truth-In-Savings, Funds Availability Rule

Maine’s Truth-in-Savings and Funds Availability Rule is getting an overhaul. On August 6, 2014, Maine’s Bureau of Financial Institutions announced that changes to Chapter 118, Funds Availability and Truth-in-Savings had been finalized and will go into effect on September 1, 2014. The final rule repeals and replaces former Chapter...
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