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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 now owned by Gorham Savings Bank, along with prior ownership of the 1st floor, gives the bank complete ownership of Grand Trunk.  (Mainebiz 10.19.2015)
  • Eastern and coastal Maine areas being hit with debit and credit card fraud cases are under investigation by county and federal officials.  (BDN 10.22.2015)
  • According to Ellie Mae, mortgage companies are being less concerned with consumers who have a lower FICO score than what was demanded in the past.  (PPH 10.23.2015)
  • The auditors for the Town of Columbia Falls, Maine find a bank account in the town’s name with over $19,000 that the Town did not know existed.  (BDN 10.23.2015)
  • J.P. Morgan-Chase Bank sues Town of Millinocket and current owners for failing to follow correct procedures in selling tax-acquired property.  (BDN 10.26.2015)
  • Maine Realtors Association reports the third quarter sales of single-family homes is up 14.5% from the same period in 2014.  (BDN 10.26.2015)
  • New Maine law helps to prevent identity theft, took effect on October 15.  (BDN 10.24.2015)

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 under the Nevada Revised Statues and therefore, the operators must possess a gaming license from the Nevada Gaming Commission. The full Notice to Licensees of the Legality of Offering Daily Fantasy Sports in Nevada is set forth here. In response, the two largest daily fantasy sports operators, DraftKings and FanDuel, issued statements that they are, at least temporarily, suspending operation in Nevada.

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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 promotions to attract new customers. So, why does it seem that fantasy football is different?

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Financial Institutions . . . In the News 

  • Maine Municipal Bond Bank receives an “AA-“ rating from Fitch.  (Business Wire 9.24.2015)
  • Chip credit and debit cards are replacing magnetic strip cards throughout the country to help the fight against data hacking and card skimming.  (Maine News 9.27.2015)
  • Some Maine businesses missed the October 1 deadline to provide new credit card readers allowing the use of chip cards making the business responsible for fraudulent transactions.  (MPBN 10.1.2015)
  • Bangor Savings Bank plans $10 million of investments in Southern Maine.  (BDN 10.7.2015)
  • USDA awards Community Concepts almost $800,000 in grants to build houses.  (MPBN 10.8.2015)

Financial Institutions . . . In the News 

  • New Rule at FAME will prevent another Cate Street deal.  (BDN 8.20.2015)
  • Employees of KeyCorp, Maine’s second largest bank, receives visit from CEO Beth Mooney who talked about KeyBank’s growth in Maine.  (Mainebiz 8.24.2015)
  • Machias Savings Bank builds new bank in Presque Isle.  (BDN 9.2.2015)
  • Freddie Mac and Fannie Mae lengthen timelines in foreclosure proceedings.  (Housing Wire 9.4.2015)
  • Eric Rosengren, CEO of the Federal Reserve Bank of Boston to become the next chair of Colby College’s Board of Trustees in May 2016.  (Colby College 9.4.2015)
  • Attorney General’s office warns grandparents of scamming involving grandchildren involved in an accident or hurt.  (BDN 9.8.2015)
  • Card skimming is on the rise with new technology used by thieves.  (BDN  9.9.2015)
  • To assist with higher education, the White House improves federal financial aid rules.  (The Hill 9.15.2015)
  • Banks are not obligated to make businesses accounts whole when cybertheives strike.  (MPBN 9.15.2015)
  • A Wall Street watchdog’s board plan is devised to protect seniors and vulnerable adults.  (BDN 9.21.2015)
  • Maine’s single-family home median sale price rose 4.9 percent in August.  (PPH 9.21.2015)
  • Julia DeBery, Senior Vice President at Bath Savings Institution, to service on the Consumer Finance Protection Bureau’s (CFPB) Community Bank Advisory Council.  (Sen. King 9.21.2015)