- 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 Savings Bank Retired President, Mark Johnston, continues to serve through music. (BDN 9.6.2016)
- Fraudulent text messages from banks and credit unions requesting customer’s account information are scams. (PPH 9.12.2016)
- 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 fine. (BDN 7.9.2016)
- York County Federal Credit Union finds device on its ATM used to collect electronic information known as “skimming.” (Mainebiz 7.12.2016)
- May reports show foreclosure inventories dropped. (Consumer Affairs 7.13.16)
- JP Morgan reports strong quarterly results - leading other institutions. (BDN 7.14.2016)
- Maine is the 9th top-performing state for the rate of growth for the first quarter. (Portland Press Herald 7.27.2016)
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, and Vermont.
Written comments and requests for hearing on the application are due with the Bureau by Sunday, August 28, 2016 by using the following link.
A copy of the Superintendent’s Notice to Interested Parties is available here.
- 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 United States at a rapid rate. (National Real Estate 6.3.2016)
- After several merchant data breaches, Bangor Savings Bank is replacing its customer’s debit cards. (Mainebiz 6.7.2016)
- Some Central Maine Healthcare Employees have delay in pay due to computer glitch between payroll and TD Bank. (Sun Journal 6.16.2016)
- Credit card holders are on the decline. (Mainebiz 6.27.2016)
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 a big increase in the salary threshold. Not sure if this will impact you? Chances are it will. The new regulations will likely impact the exemption status of 4.2 million employees, which will result in U.S. employers paying an estimated additional $1.4 billion in wages in just the first year of implementation.
If you have not already begun to do so, now is the time to start thinking about and analyzing how the new regulations will impact your business. We hope that the following information is useful to you as you consider your next steps.
Further Impacts to Consider…
- How will this impact employee morale?
- What should I communicate to employees about the change?
- How will this impact financial planning for my business?
- What additional training do my managers need?
- Do I need new policies that address these changes?
Determining whether you are impacted by this change is relatively simple—it’s how to respond to the impact that is more difficult. Verrill Dana’s Labor & Employment attorneys are here to help. We can help you analyze the impact of these new regulations on your business and develop a plan that incorporates best practices for how to respond to these changes to minimize the impact on operations.