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Friday
Dec182015

You Might Be a Winner. Verrill Dana Launches Promotions Law Blog.

Verrill Dana would like to invite you to the opening of our newest blog, You Might Be a Winner, which will be moderated by our resident promotions law guru, Rob Laplaca.  We plan to use this blog to keep you updated on the latest developments in sweepstakes, contests, commercial co-ventures and similar topics.   

You can always check out the blog at www.youmightbeawinner.com  (catchy name, right!) OR

If you are interested in subscribing to email updates of new content from You Might Be a Winner, you may sign up here. You will only receive one email per day, and only when there is new content on the blog. After providing your email address, please be sure to confirm your subscription request via a link in an email from “Feedburner Email Subscriptions.” 

Monday
Dec072015

Top 5 Priorities of Maine Banking Industry for 2016

In a November 2015 interview with MaineBiz news magazine, Maine Bankers Association President Chris Pinkham listed the top five issues that he believed were priorities for Maine’s banking industry.  His list includes, in order:

  1. Addressing cybersecurity and fraud issues with the EMV chip.  Pinkham cautioned that chip technology is encrypted, but transactions on the Internet remain at risk.  He also noted that customers still needed to check their statements; merchants needed to install the right equipment; and card manufacturers needed to “beef up” production to get the cards out there.
  2. The growth of residential mortgage closing documents as a result of the integration of Truth in Lending and Real Estate Settlement Procedures Act disclosures. Pinkham noted that the closing package had grown from 105 pages to 120 pages as a result.
  3. Regulatory relief was needed for small banks that are less complex. Pinkham also suggested ways to reduce the frequency with which privacy notices are sent to customers.
  4. Encouraging more partnerships between banks and the community, including efforts to reduce elder financial fraud.  Pinkham pointed to a new “Senior Safe” program that had trained 125 tellers to better identify instances of fraud, and an 800-number to report.
  5. Addressing student loan debt.  The weight of student loan debt is hurting families, and he encouraged policies that allowed for the consolidation of student debt or other incentives for Maine graduates to stay and work in Maine.

The full article from MaineBiz, published November 30, 2015, can be found here.

Thursday
Dec032015

Financial Institutions . . . In the News

  • Kennebunk Savings Bank promotes Dennis Byrd to Senior Executive Vice President, COO, Lynn Howe to Executive Vice President, Chief Sales and Delivery Officer, and Jill Peter to Executive Vice President, Chief Risk Officer. (Fosters 10.25.2015)
  • FICO scores in the future may be determined by social media and telecom and utility bills.  (MPBN 11.5.2015)
  • Reviews by federal regulators show 9.5% of high-risk loans totals $3.9 trillion.  (Central Maine 11.5.2015A)
  • Consumer advocates oppose Federal House bill that changes mortgage regulations.  (The Hill 11.17.2015)
  • Identity theft is the most common and least reported crime in Maine.  (BDN 12.1.2015)
  • Preparing now could save you money before Federal Reserve raises interest rates.  (BDN 12.1.2015)
Tuesday
Oct272015

Financial Institutions . . . In the News

  • Camden National Corporation and Camden National Bank elect new board members David Ott and Carl Soderberg.  (PR Newswire 10.14.2015)
  • Maine’s largest community bank is established by the Camden National Bank and The Bank of Maine merger.  (PPH 10.16.2015)
  • Grand Trunk building, floors 2 and 3, are now owned by Gorham Savings Bank, along with prior ownership of the 1st floor, gives the bank complete ownership of Grand Trunk.  (Mainebiz 10.19.2015)
  • Eastern and coastal Maine areas being hit with debit and credit card fraud cases are under investigation by county and federal officials.  (BDN 10.22.2015)
  • According to Ellie Mae, mortgage companies are being less concerned with consumers who have a lower FICO score than what was demanded in the past.  (PPH 10.23.2015)
  • The auditors for the Town of Columbia Falls, Maine find a bank account in the town’s name with over $19,000 that the Town did not know existed.  (BDN 10.23.2015)
  • J.P. Morgan-Chase Bank sues Town of Millinocket and current owners for failing to follow correct procedures in selling tax-acquired property.  (BDN 10.26.2015)
  • Maine Realtors Association reports the third quarter sales of single-family homes is up 14.5% from the same period in 2014.  (BDN 10.26.2015)
  • New Maine law helps to prevent identity theft, took effect on October 15.  (BDN 10.24.2015)
Friday
Oct162015

Maybe it is Gambling - Fantasy Sports Leagues Under Fire

This week we wrote that fantasy sports leagues were (arguably) legal because they are games of skill under the Unlawful Internet Gambling Enforcement Act (UIGEA). Yesterday, however, the Nevada Gaming Control Board concluded – after several months of investigation – the pay-to-play daily fantasy sports leagues (DFS) were gambling under the Nevada Revised Statues and therefore, the operators must possess a gaming license from the Nevada Gaming Commission. The full Notice to Licensees of the Legality of Offering Daily Fantasy Sports in Nevada is set forth here. In response, the two largest daily fantasy sports operators, DraftKings and FanDuel, issued statements that they are, at least temporarily, suspending operation in Nevada.

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