- Many borrowers suspicious of Home Affordable Refinance Program (HARP). (Portland Press Herald 7.8.14)
- Maine in top 5 of states with highest foreclosure inventory. (Market Watch 7.8.14)
- NBT plans to open branch in Portland, Maine. (Bangor Daily News 7.2.14)
- Many states have job levels at pre-recession levels even though the nation has regained all 9 million jobs. (Portland Press Herald 7.2.14)
- William J. Ryan to become board chair of Berkshire Hills Bancorp (Portland Press Herald 7.1.14)
- Maine home sales increase 7.3% while sales prices decrease 4.8%. (Portland Press Herald 6.25.14)
- SunTrust Mortgage settles robo-signing dispute. 185 Mainers helped, according to Attorney General Janet Mills. (Bangor Daily News 6.19.14)
- The FBI, several foreign governments and security firms break up sophisticated financial crime ring. (Portland Press Herald 6.4.14)
Today, federal banking regulators released the list of “distressed or underserved nonmetropolitan middle-income geographies” for 2014. The list can be found here. Bank activities in these geographies will receive consideration as “community development” under the Community Reinvestment Act.
According to today’s release, the list of communities is based on criteria developed by the Federal Financial Institutions Examination Council (FFIEC), which can be found here. Factors include unemployment, poverty, and population changes. The designation includes a one-year “lag” for geographies that no longer meet the criteria.
In Maine, distressed communities (listed by census tract rather than by municipality) were designated in portions of Aroostook County, Washington County, Knox County, Piscataquis County, and Lincoln County.
A full copy of today’s release can be found at PR-51-2014.
The Spring 2014 issue of the FDIC Consumer Newsletter is now out. This quarter, the focus is on helping consumers “Save at the Bank.” The articles include tips for consumers to:
- Lower their banking fees, including checking fees, lowering mortgage costs, and refinancing consumer loans;
- Reduce the risk of fraud and theft, and
- Tips on person-to-person (P2P) payments.
A full color copy of the newsletter is available here.
The FDIC’s May 27, 2013 announcement can be found here.
- Tony McKim will replace retiring President and CEO of First Bancorp, Daniel Daigneault, in 2015. Maine Biz (5.21.14)
- Credit Suisse to pay $2.5 billion fine for helping Americans evade taxes. Bangor Daily News (5.20.14)
- Chief Regulator plans to keep Fannie Mae and Freddie Mac financially secure as Congress works on remodeling the nation’s housing financing system. Portland Press Herald (5.14.14)
- Financial institutions say more changes are needed to speed up the foreclosure backlog in Maine, even as new laws are passed. Portland Press Herald (5.12.14)
- New laws in Colorado’s banking regulations allow more flexibility in marijuana purchases. Portland Press Herald (5.7.14)
On May 8th, 2014, the FDIC released a Resource Guide to help banks meet their community credit and development goals, as required under the Community Reinvestment Act. The Resource Guide focuses on opportunities to work with community development financial institutions (CDFIs).