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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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Thursday
May112017

Financial Institutions...In the News

  • Foreclosures in Maine decline even with high number of foreclosures reported in 2016. (PPH 5.8.17)
  • The Financial CHOICE Act of 2017 which was recently introduced to the House Financial Services Committee repeals the Durbin Amendment and would save Maine Credit Unions and their members millions of dollars.  (BDN 5.5.17)
  • Maine, along with other states, have issued a cease-and-desist order against Ocwen Financial Corporation to prevent the corporation from acquiring servicing loans and new loans.  (Reverse Mortgage Daily 4.17.17)
  • Frank Abagnale lectures on formerly being a fraudster to now an educator in protecting consumers against scams. (Sun Journal 4.20.17)
  • Melinda Bini, former employee of Wells Fargo Bank, files a lawsuit claiming retaliation for loss of employment for not participating in banking scheme.  (Central Maine 4.17.17)
  • Tim Nightingale, Executive Vice President and Senior Loan Officer at Camden National Bank, becomes new Finance Authority of Maine (FAME) board member.  (BDN 4.13.17)
  • John Stumpf and Carrie Tolstedt of Wells Fargo Bank must return an additional $28 million and $19 million in compensation, respectively, for their roles in “abusive sales practices.”  (PPH 4.10.17)
  • Maine General Health warns of scam offering to reduce debt in exchange for credit card information.  (Central Maine 4.7.17)
  • Maine credit unions grow by 20,000 new members in 2016 to 685,926 members and loans surpassing more than $456 million.  (BDN 4.4.17)
  • Androscoggin Bank launches a Fast Response Business Loans Platform that allows businesses a quick response for loans related to credit lines and financial growth.  (Mainebiz 3.29.17)
  • Bob Quentin, President, CFO, and treasurer of Saco & Biddeford Savings Institution announces a new a branch at 136 Commercial Street in Portland.  (Mainebiz 3.27.17)
Thursday
Apr062017

Upcoming Event: Hot Compliance Topics in a Cyber World

On May 3, Susan Bryant of Verrill Dana, LLP will present a session entitled "Hot Compliance Topics in a Cyber World" at the Maine Bankers Association Trust & Wealth Management Conference at the Harraseeket Inn in Freeport, Maine.  

In this presentation, Susan will cover issues that currently concern regulators and how to build a compliance program to address such issues as cybersecurity, risk management, working with third parties, privacy/confidentiality, the Volcker Rule, fraud prevention, and the new anti-money laundering rule. Susan will also cover the requirements of an adequate compliance program, from adopting written policies and procedures to establishing controls and reporting to senior management.

Susan Bryant is a member of Verrill Dana’s Securities Law Group and the firm’s Business Law Group.  Susan is based in Portland, Maine and Westport, CT.

Learn more and register for the conference online here.