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Wednesday
Aug212019

Financial Institutions . . . In the News

  • Maine passed new foreclosure proceedings and Notice of Mortgagor’s Right to Cure laws.  (JDSupra 8.20.19)
  • Maine’s zombie housing market remains higher than the national average. (Housing Wire 8.15.19)
  • Jason House promoted Regional Vice President for TD Bank, Northern Maine.  (BDN 8.9.19)
  • Ocwen Loan Servicing agrees to pay attorneys’ fees, penalties, and fines to approximately 24 homeowners. (Central Maine 8.6.19)
  • Federal Reserve Chairman Jerome Powell announces a quarter point decrease in interest rates.  (BDN 7.31.2019)
  • Capital One anticipates the 2019 data breach to cost around $150 million.  (NY Times 7.29.19)
  • Federal Reserve Chairman Jerome Powell signals forthcoming cut in interest rates.  (NY Times 7.28.19)
  • Mortgage rates rise slightly and applications decrease.  (News Center Maine 7.26.19)
  • Bangor Savings Bank is urging customers to call its help center if they see unauthorized transactions in their account.  (WABI TV 7.24.19)
  • Equifax Data Breach settlement requires a restitution fund of a minimum of $380.5 million for American consumers.  (NY Times 7.22.19)
  • Maine banks are expanding to other states in order to grow.  (PPH 7.8.19)
  • Bar Harbor Bank & Trust expands to central Maine with the acquisition of eight of People’s branch offices.  (Yahoo.com 7.8.19)
Wednesday
Jul242019

ABA Publishes White Paper On Banking Cannabis Businesses

The American Bankers Association has just issued a report entitled "The Public Benefits of Banking Cannabis Businesses."  The report was issued July, 2019, and is available here.

The ABA Report highlights the challenges of preventing cannabis-related businesses from accessing the banking system, particularly as the industry continues to grow at a rapid pace.

The Report notes that the legal cannabis industry in the US is approximately $10 billion per year. If this industry is not able to access the banking industry due to federal law, much of these funds will remain in cash.

However, if the cannabis industry were able to banked, the Report anticipated a range of benefits, including:

  • More economic growth
  • Improved security and safety
  • Reduced tax evastion
  • Increased efficiency of tax collection
  • More accurate assessments of economic risks

 

Wednesday
Jun262019

Financial Institutions . . . In the News

  • Bangor Savings Bank ends 2018 with a 38% increase from 2017.  (BDN 6.21.19)
  • Bar Harbor Trust Services was added to the lawsuit involving theft by Robert K. Lindell, Jr.  (BDN 6.11.19) 
  • Canada’s largest banks are looking outside Canada to continue growing.  (Bloomberg News 5.24.19)
  • Plans to open Maine Harvest Credit Union this summer will be focused on famers and food entrepreneurs.  (Mainebiz 5.22.19)
  • Bangor Savings Bank held opening ceremony for its new office in Bangor.  (News Center Maine 5.20.19)
  • The reorganization of Northeast Bancorp and Northeast Bank are now complete.  (Yahoo Finance 5.16.19)
  • Machias Savings Bank plans a large expansion in Machias.  (BDN 5.14.19)
  • Maine banking institutions need federal law changes for pot industries.  (Central Maine 5.12.19)
  • Maine’s legal marijuana businesses are not allowed to use banking services. (Central Maine 5.12.19)
  • Maine banking institutions support a federal marijuana banking bill.  (Mainebiz 4.22.19)
  • Maine Credit Union League President and CEO Todd Mason makes digital innovation a priority.  (Mainebiz 4.21.19)
Friday
Apr122019

Financial Institutions...In the News

  • Wells Fargo CEO Tim Sloan was called to testify before House Financial Services Committee hearing.  (PPH 3.11.2019)
  • Forbes rates Bangor Savings Bank as one of the “World’s Best Banks.”  (Mainebiz 3.12.201)
  • Matthew Fleming became Down East Credit Union’s chief financial officer on April 1.  (Mainebiz 4.8.2019)
  • Key Bank’s Winthrop branch office is closing. (Central Maine 4.7.2019)
  • David Cyr will replace retiring John Witherspoon as president and CEO of Skowhegan Savings Bank by the end of the year.  (Central Maine 4 2.2019)
  • Maine Savings FCU opens a branch in Portland.  (BDN 2.20.19)
  • Bank of New Hampshire has seen substantial growth under the leadership of President Paul Falvey.  (Laconia Daily Sun 2.19.2019)
  • York County FCU and Atlantic FCU expect merger to completed in early June.  (Mainebiz 2.14.2019)
Tuesday
Feb052019

Financial Institutions . . . In the News

  • Unsuccessful attempt at hacking is being investigated by the FBI.  (BDN  1.28.19)
  • Steward Partners Global Advisory LLC opens office in Portland.  (Mainebiz 1.25.19)
  • Four of Key Bank’s branches are schedule to close by April.  (Central Maine 1.23.19)
  • Kierston Van Soest was appointed to the New England Advisory Council.  (Central Maine 1.24.19)
  • Rise in sea levels creates loss of appreciation of coastal waterfront properties.  (Central Maine 1.22.19)
  • Modest growth anticipated by Jeffrey Fuhrer of the Federal Reserve Bank of Boston. (Mainebiz 1.15.19)
  • Recession not predicted in 2019 by Federal Reserve Chairman Powell. (BDN 1.10.19)