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 encrypted, but transactions on the Internet remain at risk. He also noted that customers still needed to check their statements; merchants needed to install the right equipment; and card manufacturers needed to “beef up” production to get the cards out there.
- The growth of residential mortgage closing documents as a result of the integration of Truth in Lending and Real Estate Settlement Procedures Act disclosures. Pinkham noted that the closing package had grown from 105 pages to 120 pages as a result.
- Regulatory relief was needed for small banks that are less complex. Pinkham also suggested ways to reduce the frequency with which privacy notices are sent to customers.
- Encouraging more partnerships between banks and the community, including efforts to reduce elder financial fraud. Pinkham pointed to a new “Senior Safe” program that had trained 125 tellers to better identify instances of fraud, and an 800-number to report.
- Addressing student loan debt. The weight of student loan debt is hurting families, and he encouraged policies that allowed for the consolidation of student debt or other incentives for Maine graduates to stay and work in Maine.
The full article from MaineBiz, published November 30, 2015, can be found here.