Search
RSS
Subscribe

Enter your email address to receive new posts in your inbox:

Delivered by FeedBurner

Share

Like what you see? Share!

Our Attorneys
Twitter
Twitter
Friday
Apr202018

Financial Institutions . . . In the News

  • Wells Fargo Bank $1 billion fine is among the largest set by regulators.  (Central Maine 4.19.2018)
  • Federal Reserve Chairman Jerome Powell maintains that slow and steady increases in rates is the right course of action to strengthen the economy.  (PPH 4.7.2018)
  • Lake Sunapee Bank in New Hampshire will now be known as Bar Harbor Bank & Trust.  (Valley News 4.8.2018)
  • Maine’s banking industry is seeing changes in leadership as women take on more executive roles.  (Mainebiz 4.4.2018)
  • A warning from Maine’s Bureau of Financial Institutions is issued due to scammers deceiving bank customers and credit union members.  (Central Maine 4.2.2018)
  • Elderly Mainers are an easy target for financial abuse which often goes unreported.  (BDN 3.29.2018)
  • Maine credit unions continue to attract new members.  (Central Maine 3.28.2018)
  • President and CEO Bob Montgomery-Rice of Bangor Savings Bank announces a new branch office in Portsmouth, NH.  (Mainebiz 3.23.2018)
  • Community Credit Union President and CEO Jennifer Hogan reports the credit union will stay at 144 Pine Street in Lewiston.  (Sun Journal 3.7.2018)
  • Maine banks benefited from a strong economy and stock market resulting in 2017 being a good year.  (The Ellsworth American 3.4.2018)
Monday
Mar052018

Financial Institutions . . . In the News

  • Maine banks encountered a positive 2017 and 2018 looks promising.  (The Ellsworth American  3.5.2018)
  • Federal Reserve Chairman Jerome Powell plans gradual increase in interest rates.  (PPH 3.1.2018)
  • Equifax breach affected 147.9 million consumers which is more than initially reported.  (BDN 3.1.2018)
  • Lincoln J. Merrill becomes chairman of MaineHousing’s board of commissioners.  (MaineBiz 2.27.2018)
  • New tax laws means Fannie Mae will need to request taxpayer funds from the US Treasury.  (PPH 2.14.2018)
  • Small businesses are seeking capital funding from big banks and lending institutions.  (The Washington Post 2.12.2018)
  • The National Cannabis Industry Association pursues new banking regulations to include legalized marijuana.  (PPH 2.8.2018)
  • Waldo County employees may have been impacted by a phishing attack which compromised employee’s confidential information.  (Central Maine 2.7.2018)
  • Bill to protect elderly from property foreclosure action is backed by Governor LePage.  (Central Maine 2.6.2018)
  • York County Federal Credit Union and Atlantic Federal Credit Union plan to merge and, once the merger is approved, it will operate under the name of Atlantic Federal Credit Union.  (Central Maine 2.5.2018)
  • Wells Fargo is restricted from increasing its assets beyond 2017 level without Federal Reserve’s permission.  (Central Maine 2.4.2018)
  • Past Federal Reserve Chairwoman Janet Yellen joins the Brookings Institution as a distinguished fellow in residence at the Hutchins Center on Fiscal and Monetary Policy.  (Central Maine 2.2.2018)
  • George Gervais nominated for Director of Maine State Housing Authority.  (MaineBiz 2.2.2018)
  • Camden National Bank opens a second office in New Hampshire.  (BDN  2.4.2018)
Tuesday
Jan302018

Financial Institutions . . . In the News

  • New Hampshire’s legislature is debating changes to foreclosure laws.  (Concord Monitor 1.29.18)
  • Record breaking sales of Maine homes in 2017 kept prices surging in Cumberland and York counties.  (PPH 1.24.18)
  • Marion Colombo joins Bar Harbor Bank & Trust as Executive Vice President of Retail Delivery in February 2018.  (Business Wire 1.23.18)
  • Jerome Powell to succeed Janet Yellen as Federal Reserve Chairman in February 2018.  (Central Maine 1.23.18)
  • Maine AG Janet Mills supports federal legislation allowing banks to serve state-licensed marijuana businesses.  (BDN 1.17.18)
  • Jeffrey Fuhrer, Federal Reserve Bank of Boston, anticipates a 2.5% economic growth for upcoming year.  (Mainebiz 1.16.18)
  • $45 Million settlement reached between 49 states and the District of Columbia and PHH Mortgage Corp. over improper servicing of mortgage loans.  (Mainebiz 1.4.2018)
  • Todd Mason, President and CEO of the Maine Credit Union League, announces changes to management of the Maine Credit Union League and Synergent, its service organization.   (Mainebiz 12.12.17)
  • Key Bank customer given access to wrong account.  (Sun Journal 12.2.17)
  • Federal Reserve Chair Janet Yellen predicts that the Federal Reserve will continue to gradually increase rates.  (Central Maine 11.29.17)
  • Tim Thompson, Franklin Savings Bank’s new President and CEO, replaces retiring Peter Judkins.  (Mainebiz 11.27.17)
  • Bangor Savings Bank has a new branch in Portsmouth, NH.  (Fosters 11.12.17)
  • Banking branches are difficult to keep open in small communities with many services being provided for in on-line banking.  (Mainebiz 10.26.17)
Tuesday
Jan162018

Trump’s Tax Plan WILL Affect You – But How?

On December 22, 2017, in one of the fastest-moving pieces of legislation to come across a President’s desk, President Trump signed into law a bill generally known as the “Tax Cuts and Jobs Act,” formally HR1 – An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018. The Act will undoubtedly affect most individuals and businesses beginning with the 2018 tax year.  Some of these changes are only temporary tax breaks set to expire while other changes are permanent reform measures. Verrill Dana’s Tax Practice has prepared a comprehensive client advisory highlighting many of the major tax reform changes, including specific focus on the following areas:

Click to read more ...

Wednesday
Nov082017

House Tax Bill Targets Deferred Compensation Earned After January 1, 2018 (Really)

It’s early days yet for the Tax Cuts and Jobs Act released last week by the House Ways and Means Committee, but one thing is clear:  Congressional tax writers are scouring the landscape to find a combination of more revenue and accelerated revenue from various sources in order to pay for the substantial cuts in income taxes promised by the House Bill. Learn more about the House Tax Bill, including sweeping changes to deferred compensation and narrow restrictions on deductible compensation under code section 162(m), on the Verrill Dana website.

Click to read more ...