Maine Bureau of Financial Institutions Issues 2016 Annual Report
On January 15, 2017, the Maine Bureau of Financial Institutions issued its Annual Report for 2016. The report is available here.
According to the Annual Report, there were a total of 43 state-chartered financial institutions supervised by the Bureau. This included 19 banks, 12 credit unions, and 12 “limited purpose” purpose financial institutions – primarily non-depository trust companies.
For the year concluding June 30, 2016, state-chartered banks saw their assets grow from $16.3 billion to $17.3 billion on a year over year basis. State-chartered credit unions saw their assets grow from $1.8 billion to $1.9 billion in the same period.
During the 12-month period ending October 31, 2016, the Bureau processed 13 applications. One involved the formation of Atlantic Trust, a new non-depository trust company. With regard to branching, the Bureau received 6 applications to close branches – mostly in Aroostook County, and 2 applications to open branches in southern Maine.
With regard to consumer outreach, the Bureau held presentations in several schools and local organizations, and responded to 423 consumer complaints or inquiries – 58 of which involved Bureau intervention. The Bureau also partnered with a variety of agencies and stakeholders in the Senior$afe outreach program, which program is aimed at educating Mainers about identifying and preventing elder financial abuse. With regard to financial scams, the Bureau made efforts to educate consumers about several scams impacting Maine consumers, including fraudulent texts that appeared to be from a customer’s financial institution.