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Wednesday
Aug092017

Financial Institutions . . . In the News

  • Elizabeth Hayes, President and CEO of Infinity Federal Credit Union, was recently named one of the Women to Watch in 2017.  (Mainebiz 8.7.17)
  • LEAF Commercial Capital, Inc. is acquired by People’s United Bank.  (PR Newswire 8.2.17)
  • Saco & Biddeford Savings Institution has several new hires and promotions.  (BDN 7.28.17)
  • Bangor Savings Bank’s Portsmouth, NH loan production office opens with plans to increase business services once regulatory approvals are fully acquired.  (Mainebiz 7.25.17)
  • $40 million bitcoin scam uncovered by Bucks County, Pennsylvania police.  (BDN 7.24.17)
  • “Motion Picture Use Only” fake $100 bills show up in three Maine towns.  Deputies warn the public to watch out for “bogus Benjamins” as the bills are easily available online.  (BDN 7.24.17)
  • Hackers obtain over 5.5 million Social Security numbers in ten states by infiltrating a Kansas Department of Commerce data system in March 2017.  (Maine Mirror  7.23.17)
  • Kennebec Savings Bank celebrates its opening of a Freeport branch.  (Mainebiz 7.21.17)
  • Former Bank of America site in Biddeford to become branch office of Bangor Savings Bank in 2018.  (Mainebiz 7.20.17)
  • United States is behind in “wave” payment systems compared to other countries.  (Central Maine 7.17.17)
  • Maine has low inventory and a high demand of houses in southern Maine making this a seller’s market.  (PPH 7.16.17)
  • Homeward Residential Inc. order to pay attorney’s fees was affirmed by Maine Supreme Judicial Court in foreclosure proceeding.  (Legal News Line 7.10.17)
Tuesday
Jul112017

Financial Institutions . . . In the News

  • Thirteen employees at Saco & Biddeford Savings Institution earned certificates and high honor awards this year through the Center for Financial Training and Education Alliance (CFTEA). (BDN 7.10.17)
  • Mainers affected by State government shut-down will have fees cut by TD Bank and credit unions.  (WGME 7.1.17)
  • CEO Bob Montgomery-Rice announces record profits for Bangor Savings Bank fiscal year that ended in March.  (BDN 6.27.17)
  • PNC bank will permanently close the marijuana legalization group organization’s 22-year old accounts because of risks from the Trump administration.  (BDN 6.21.17)
  • Banks and technology companies stocks have a lower return in the second quarter of 2017.  (PPH 5.31.17)
  • Mortgage brokerage company clarifies the services of its role in mortgage lending and that the loan officers at brokerages are highly regulated.  (PPH 5.28.17)
  • Mortgage rates drop to lowest level resulting in a rise in refinancing.  (PPH 5.25.17)
  • April saw Maine home sales 14% lower in April 2017 compared to April 2016.  (Central Maine 5.24.17)
  • The Dodd-Frank regulation and the recession is changing the mortgage lending industry.  (PPH 5.22.17)
  • Merchants Bank, the last of Vermont’s statewide based banks, completes merger with Community Bank opens May 15th as Community Bank.  (Vermont Biz 5.12.17)
Thursday
Jun292017

New England Council Unveils 2017 Regional Financial Sector Report

On June 29th, the New England Council met in Concord, NH to present its annual report on the region’s financial sector, “The New England Financial Services Industry: Around the Corner and Around the World.” The report was presented by PwC, followed by a panel discussion comprised of representatives from several large regional institutions, including Fidelity Investments, Liberty Mutual Insurance, and TD Bank.

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Tuesday
Jun202017

FDIC Adopts FRB's "Model Risk Management Guidance"

On June 7th, the Federal Deposit Insurance Commission announced its adoption of Supervisory Guidance on Model Risk Management that was previously adopted in 2011 by the Federal Reserve Board (SR 11-7) and the Office of Comptroller of the Currency (OCC Bulletin 2011-12). The FDIC’s action was announced through a Financial Institution Letter, FIL-22-2017. The FDIC expects the new requirements will not “generally pertain” to FDIC-supervised institutions with assets under $1 billion, unless the use of such models are “significant, complex, or poses elevated risk to the institution.”

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Tuesday
Jun132017

U.S. House Passes Bill to Repeal and Replace Dodd-Frank Act

On Thursday, June 8, the U.S. House of Representatives passed the Financial Choice Act.  The Act, which was approved along mostly party lines, would repeal and replace most of the financial regulations contained in the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.  Supporters of the Act argued that, by easing financial regulations imposed after the 2008 financial crisis, economic growth would be spurred. 

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