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Bank Regulators Warn About Cyber-Attacks

On April 2, 2014, the FDIC issued a Financial Institution Letter notifying banks of recent “large dollar” ATM fraud and related cyber-attacks aimed at tapping into web-based control panels for ATMs. The FDIC highlighted a recent $40 million theft involving the use of 12 debit card accounts. The FIL included guidance for financial institutions related to reducing financial and other risks associated with cyber-attacks.

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Financial Institutions . . . In the News

  • Consumer confidence still high as national home sales dropped in February.  (Bangor Daily News 3.25.2014)
  • Proposed bill would exempt insurance firms from same capital and liquidity requirements imposed on banks.  (Bloomberg Businessweek 3.11.2014)
  • Maine’s Bureau of Consumer Credit Protection releases new mortgage guide, “The Downeaster Common Sense Guide to Finding, Buying and Keeping Your Maine Home.”  (Maine Real Estate Rama 3.5.2014)

Financial institutions . . . In the News

  • Maine’s Northeast Bancorp gains prior Obama Cabinet member.  (Bangor Daily News 1.24.2014)
  • Maine banks and credit unions collaborate on training and education to stop elder financial abuse.  (Bangor Daily News 2.10.2014)
  • Federal banking changes allow Maine medical marijuana sellers access to banks.  (Maine Public Broadcasting Network 2.14.2014)
  • Fixed rate mortgages rise in U.S.  (Portland Press Herald 2.21.2014) 
  • Fannie Mae repays taxpayer bailout with $7.2 billion dividend.  (Kennebec Journal 2.21.2014)
  • U.S. Government receives about $9 million more from Fannie Mae than it drew from the government.  (Bangor Daily News 2.23.2014)
  • Maine home sales in January 2014 increased 8.6% over sales in January 2013.  (Portland Press Herald 2.21.2014)

Janet Britton Discusses Affirmative Action Compliance Issues for Banks

In the January/February 2014 issue of the Maine Banker magazine, a publication of the Maine Bankers Association, Verrill Dana attorney Janet Britton provided guidance for banks regarding affirmative action compliance. 

The article focused on the affirmative action obligations of financial institutions under Executive Order 11246, Section 503 of the Rehabilitation Act, and Section 402 of Vietnam Era Veterans' Readjustment Assistance Act.  Also highlighted was the March 2014 effective date of affirmative action requirements of the US Department of Labor related to individuals with disabilities and veterans.  Included within these requirements are hiring goals for federal contractors.

For more information, contact Janet Britton of Verrill Dana's Labor and Employment Group.

The Group is also hosting a webinar series on labor and employment compliance issues related to federal contractors, which includes companies doing business either directly or indirectly with the federal government.  For more information about how you can participate, go to this link.  


Financial Institutions...In the News

  • Target shoppers may be affected by data breach.  (Kennebec Journal 12.19.2013)
  • Maine mortgage defaults increased in 2013 (Sun Journal 12.11.2013)
  • Security breach at JP Morgan Chase & Co may affect 1,300 Maine unemployment recipients.  (Government Technology 12.11.2013)
  • Maine’s elderly and children are targets of identity thefts.  (Bangor Daily News 12.11.2013)