Banking Law Update

A blog from the attorneys of Verrill

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FDIC Adopts FRB's "Model Risk Management Guidance"

On June 7 th , the Federal Deposit Insurance Commission announced its adoption of Supervisory Guidance on Model Risk Management that was previously adopted in 2011 by the Federal Reserve Board ( SR 11-7 ) and the Office of Comptroller of the Currency ( OCC Bulletin 2011-12 ). The...
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U.S. House Passes Bill to Repeal and Replace Dodd-Frank Act

On Thursday, June 8, the U.S. House of Representatives passed the Financial Choice Act . The Act, which was approved along mostly party lines, would repeal and replace most of the financial regulations contained in the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act . Supporters of the...
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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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Upcoming Event: Hot Compliance Topics in a Cyber World

On May 3, Susan Bryant of Verrill Dana, LLP will present a session entitled "Hot Compliance Topics in a Cyber World" at the Maine Bankers Association Trust & Wealth Management Conference at the Harraseeket Inn in Freeport, Maine. In this presentation, Susan will cover issues that currently concern regulators...
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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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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...
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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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New Basel III Rules for Loans to High Volatility Commercial Real Estate Projects

The 2016 Winter Business Edition of Best Lawyers includes an article entitled " Basel III and New Challenges for Lending to Commercial Development ." The article, which is available here , was co-authored by Verrill Dana lawyers Mark Googins and Doug Britton. The article provides a brief overview of...
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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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Federal Judge Enjoins Upcoming DOL Overtime Salary Basis Increase

On November 22, 2016, a federal judge in the Eastern District of Texas granted a motion for preliminary injunction filed by the State of Nevada and twenty other states ( State of Nevada, et al. v. United States Department of Labor et al. , 4:16-cv-00731 (E.D. Tx. Nov. 22...
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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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Know Your Risks: FFIEC issues FAQs on its Cybersecurity Assessment Tool

On October 18, 2016, the Federal Financial Institutions Examination Council published a set of Frequently Asked Questions to help financial institutions utilize the Council’s Cybersecurity Assessment Tool. The FAQs were announced as part of FIL-68-2016 . The Cybersecurity Assessment Tool is a voluntary process designed to help the management...
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Federal Bank Regulators Seek Comments on "Enhanced" Cybersecurity Rules

Just one day after the Federal Financial Institutions Examination Council issued FAQs to help financial institutions utilize FFIEC’s Cybersecurity Assessment Tool , three federal banking regulators issued an Advance Notice of Proposed Rulemaking regarding “ Enhanced Cyber Risk Management Standards .” The rulemaking notice was issued on October 19...
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US Bank v. Decision One: Proving Assignment Of A Mortgage Just Got Harder

A recent Maine Superior Court decision in US Bank v. Decision One Mortgage highlights the challenge of a foreclosing party to prove that it owned -- or had sufficient rights in -- both the note and the mortgage. The importance of establishing ownership in order to foreclose on a...
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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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Financial Institutions...In the News

A $1.2 Billion mortgage penalty by a lower court against Bank of America is reversed by a federal appeals court ruling. ( MPBN 5.23.2016) Three parcels of land are being purchase by Bangor Savings Bank in the business park. ( BDN 5.25.2016) TD Bank continues to grow in the...
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FINALIZED Overtime Rule: How does it impact you?

The Department of Labor released its long-awaited final overtime regulations yesterday. The most significant impact of the new regulations is that they more than double the salary threshold for classifying an employee as exempt from the overtime requirement to $47,476. While slightly less than originally anticipated, this is still...
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Financial Institutions . . . In the News

Home sales rose in Maine in March, both in numbers of homes sold and in higher prices. ( PPH 4.20.2016) The Federal Deposit Insurance Corporation (FDIC ) rated Machias Savings Bank “outstanding” on its recent Community Reinvestment Act (CRA) Performance Evaluation . ( Mount Desert Islander 4.23.2016) A class...
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Financial Institutions . . . In the News

February marks lowest unemployment rate in 15 years at 3.6 percent. ( Sun Journal 3.25.2016) Fake paychecks are being cashed in Franklin, Androscoggin, and Oxford Counties leaving businesses with financial losses. ( WGME 3.28.2016) North American Securities Administrators Association’s (NASAA) program Senior$afe , a program to identify and report...
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Financial Institutions . . . In the News

Millinocket Key Bank , branch consolidates with Lincoln branch. ( BDN 2.8.2016) Some businesses struggling with conversion to chip credit cards . ( Central Maine 2.13.2016) Norway Savings Bank celebrated milestone – 150 th Anniversary. ( King 2.17.2016) Maine is leading the way with home sales and rise in...
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Atlantic Trust LLC to Form New Nondepository Trust Company in Maine

Maine will soon be getting a new nondepository trust company, Atlantic Trust, LLC. On March 18, 2016, the Maine Bureau of Financial Institutions issued a Superintendent’s Notice regarding the filing of a certificate of public convenience and advantage to form Atlantic Trust. The application was submitted by Atlantic Financial...
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