Banking Law Update

A blog from the attorneys of Verrill

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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 4.3.2020)
  • A number of unanswered questions make applying for the $349B in PPP loans confusing. (The Hill 4.3.2020)
  • Coronavirus “Paycheck Protection Program” guide for small businesses to apply for aid programs. (BDN 4.3.2020)
  • Banks are reporting an “overwhelming” number of PPP applications are being submitted. (New York Times 4.2.2020)
  • FTC creates “Bingo” game to make consumers more aware of scams. (BDN 4.2.2020)
  • Due to prior regulatory infractions, Wells Fargo & Co is unable to assist with funds for $384 in additional PPP loans to customers. (BDN 3.31.2020)
  • As the federal assistant programs open up, small businesses and banks work to submit applications. (PPH 3.31.2020)
  • Portland, Maine halts evictions during the pandemic. (Maine Public 3.31.2020)
  • Government allowed delays in repayment of mortgages could mean financial hardships for lenders. (The Hill 3.31.2020)
  • MERS’s (Mortgage Electronic Registration Systems, Inc.) mortgage assignments do not constitute an assignment of interest according to the Maine Law Court in Bank of America, N.A. v. Greenleaf. (JD Supra 3.30.2020)
  • MaineHousing promises no foreclosures because of COVID-19. (PPH 3.27.2020)
  • Property owners depend on rents to pay mortgages and other expenses are not finding relief due to COVID-19 unemployed tenants. (Central Maine 3.29.2020)
  • Federal Reserve Chairman Jerome Powell states that the Federal Reserve has an important part in limiting long-term effects. (VOA News 3.29.2020)
  • Maine Securities Administrator Judith Shaw assists financial firms by relaxing requirements during the COVID-19 pandemic. (PPH 3.25.2020)
  • Federal Reserve will find new ways to safeguard the economy. (The Hill 3.26.2020)
  • Businesses with under 500 employees will be eligible for the coronavirus package. (The Hill 3.25.2020)
  • Relief checks questions and answers. (The Hill 3.25.2020)
  • Camden National Bank and Bangor Savings Bank are working with customers financially hurt by the pandemic. (BDN 3.20.2020)
Topics: Current Events in Banking