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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)

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)

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 ...


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.

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Financial Institutions . . . In the News

  • Bangor Savings Bank’s acquisition of Granite Bank of New Hampshire was unanimously approved by the boards of directors.  (Central Maine 10.24.2017)
  • Toronto-Dominion Bank (TD Bank) is a top 10 US bank and has plans for future growth.  (Bloomberg 10.23.2017)
  • The Maine Supreme Court ruled in favor of the Defendant in the National Mortgage Association (Fannie Mae) v. Deschaine case opening a path for other cases to be appealed.  (The Free Press  10.12.17)
  • McCrillis & Eldredge Insurance, a subsidiary of Bar Harbor Bankshare, has been sold to Cross Insurance.  (Business Wire 10.11.2017)
  • Camden National Bank offers digital mortgages with help from Blend, a San Francisco cloud-based software company.  (National Mortgage News 9.29.17)
  • Equifax is developing a free, new, user-friendly service to give the consumer control over access to their personal credit data.  (Maine Public 9.28.2017)
  • Equifax’s interim CEO, Mr. Rego Barros, apologizes for security breach.  (Wall Street Journal 9.17.17)
  • Richard Cordray, Director of the Consumer Financial Protection Bureau, plans to strengthen oversight for credit rating agencies.  (BDN  9.28.17)
  • Upgraded ATMs replace four Skowhegan Bank branches beginning January 19, 2018.  (Central Maine 9.25.17)
  • Class action lawsuits by consumers against banks and credit card companies was voted to be repealed by US Senate.  (BDN 10.25.17)