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Wednesday
Jul012015

Department of Labor Proposes to Guarantee Overtime Pay to Workers Earning Less than $50,440 Annually

The Department of Labor issued proposed rules yesterday, to address President Obama’s 2014 Presidential Memorandum calling for an update to the overtime regulations, to “modernize and simplify” them while ensuring that the “intended overtime protections are fully implemented.”

The proposed rules would raise the threshold under which workers are guaranteed overtime, from the current $455 a week ($23,660 a year) to $970 a week ($50,440 a year) in 2016. Going forward, the DOL also proposes to automatically update the salary threshold based on inflation or a fixed percentile of earnings.

Notably, the proposal does not recommend changes to the “duties test” and the DOL reiterated its position that as salaries rise, a less robust examination of the employees’ duties is needed. It stopped short, however, of abandoning the duties test altogether, stating “[w]hile the salary provides an initial bright-line test for [overtime] exemption, application of a duties test is imperative to ensure that overtime-eligible employees are not swept into the exemption.” As part of the rule making process, the DOL is seeking comments on the following issues:

Click to read more ...

Monday
Jun222015

Financial Institutions . . . In the News

  • Machias Bancorp MHC and its subsidiaries newest bank directors are Zachary Means and LuAnn Ballesteros. (Mount Desert Islander 6.4.2015)
  • US Regulators urge caution when considering reverse mortgages.  (Maine News Online 6.5.2015)
  • Financial decisions today may not be wise for tomorrow.  (Pittsburg Post-Gazette 6.11.2015)
  • Houses vacated during the foreclosure process create numerous issues for lenders and neighborhoods.  (Investors.com 6.12.2015)
  • Androscoggin Bank’s trust department seeking approval to become Portland Trust Co. to have offices in Lewiston and Portland.  (PPH 6.15.2015)
  • Maine community banks almost double the value of commercial loans processed from 2007 to 2014.  (PPH 6.18.2015)
  • Mortgage restrictions imposed on six banks for failing to comply with home foreclosure enforcement orders.  (Maine News Online 6.18.2015)
Friday
Jun192015

Verrill Dana to Present Two Maine Startup & Create Week Partner Programs

 
Verrill Dana is partnering with Maine Center for
Entrepreneurial Development and the Maine Angels
to host two Maine Startup & Create Week programs.

We hope you are able to join us for both events!


WHEN: Tuesday, June 23, 12:30 – 2:00 PM
 
WHERE: Verrill Dana
One Portland Square, 9th Floor
Portland, ME
04101

Join us for this panel discussion with Don Gooding, MCED, Greg Fryer, Verrill Dana, Bradley McCurtain and Judith Shaw from the Maine Office of Securities. This workshop will review the important details about the Maine Equity Crowdfunding law, aka Fund-ME, and in particular the new instruction manual to help entrepreneurs fill out the application. Important questions to be discussed include: what are the steps you need to go through before you start your application? When might a securities attorney be helpful or necessary? What role might broker/dealers play? How much might it cost?
 
REGISTER FOR THIS EVENT HERE

WHEN: Tuesday, June 23, 3:00 – 4:00 PM
 
WHERE: Verrill Dana
One Portland Square, 9th Floor
Portland, ME
04101

Now in its twelfth year, the Maine Angels regularly ranks on the national Halo list as one of the most active angel investment groups in the country. They usually meet behind closed doors; now is your chance to meet them, hear a bit about their investment strategy, and see if Maine Angels is a fit for you as an entrepreneur or investor.
 
REGISTER FOR THIS EVENT BY E-MAIL HERE

 
Click here to view the full schedule of Maine Startup & Create Week events.

Tuesday
Jun162015

Madden v. Midland Funding: National Bank Act does NOT preempt state usury laws for non-national bank

On May 22nd, the US Court of Appeals for the Second Circuit decided that the National Bank Act would not preempt a state law usury claim against the assignee of credit card debt -- a non-national bank -- that was initially issued by a national bank.

Click to read more ...

Wednesday
Jun032015

Financial Institutions . . . In the News

  • The second annual financial “stress test” of Fannie Mae and Freddie Mac show improvement.  (PPH 5.1.2015)
  • Wells Fargo’s stand-alone division focusing on commercial banking in New England.  (Boston Business Journal (5.4.2015)
  • Maine mortgage foreclosures are down due to the Greenleaf case ruling by the Maine Supreme Judicial Court.  (BDN 5.6.2015)
  • Four branches of Camden National to close from the acquisition of the Bank of Maine.  (BDN 5.15.2015)
  • US Department of Justice and four Swiss banks reach a deal to turn over US tax evaders.  (Maine Mirror 5.29.2015)
  • $3 million reinvested in Caribou from Maine State Retirement System surplus.  (BDN 5.30.2015)