Banking Law Update

A blog from the attorneys of Verrill

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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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Financial Institutions...In the News

Four branches of Bangor Savings Bank will close and consolidate with other branches. ( WMTW 12.5.2015) In December, Kennebunk Savings Bank welcomed Alyson Graybill and William Dehais to the bank. ( Fosters 12.6.2015) Senior$afe , a program to fight financial abuse of seniors , resulted in the reporting of...
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Verrill Dana to Host Annual Employment Law Update

Verrill Dana's Labor & Employment attorneys will host a full-day seminar on January 27 to update you on recent legal developments and provide you with the resources you need to succeed in 2016. The registration fee for this seminar is $175 per person (includes valet parking, breakfast & lunch...
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You Might Be a Winner. Verrill Dana Launches Promotions Law Blog.

Verrill Dana would like to invite you to the opening of our newest blog, You Might Be a Winner , which will be moderated by our resident promotions law guru, Rob Laplaca . We plan to use this blog to keep you updated on the latest developments in sweepstakes...
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Top 5 Priorities of Maine Banking Industry for 2016

In a November 2015 interview with MaineBiz news magazine, Maine Bankers Association President Chris Pinkham listed the top five issues that he believed were priorities for Maine’s banking industry. His list includes, in order: Addressing cybersecurity and fraud issues with the EMV chip. Pinkham cautioned that chip technology is...
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Financial Institutions . . . In the News

Kennebunk Savings Bank promotes Dennis Byrd to Senior Executive Vice President, COO, Lynn Howe to Executive Vice President, Chief Sales and Delivery Officer, and Jill Pete r to Executive Vice President, Chief Risk Officer. ( Fosters 10.25.2015) FICO scores in the future may be determined by social media and...
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Financial Institutions . . . In the News

Camden National Corporation and Camden National Bank elect new board members David Ott and Carl Soderberg . ( PR Newswire 10.14.2015) Maine’s largest community bank is established by the Camden National Bank and The Bank of Maine merger. ( PPH 10.16.2015) Grand Trunk building, floors 2 and 3, are...
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Maybe it is Gambling - Fantasy Sports Leagues Under Fire

This week we wrote that fantasy sports leagues were (arguably) legal because they are games of skill under the Unlawful Internet Gambling Enforcement Act (UIGEA). Yesterday, however, the Nevada Gaming Control Board concluded – after several months of investigation – the pay-to-play daily fantasy sports leagues (DFS) were gambling...
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Isn't Fantasy Football Illegal Gambling?

Everyone is familiar with the phrase “No Purchase Necessary.” That’s because promotions based on chance – sweepstakes, giveaways, or any promotion where a winner is randomly selected – cannot require a purchase (i.e., consideration) for the chance to win a prize. This is important for many businesses who use...
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