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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.

Click to read more ...

Tuesday
Oct132015

Isn't Fantasy Football Illegal Gambling?

Everyone is familiar with the phrase “No Purchase Necessary.” That’s because promotions based on chance – sweepstakes, giveaways, or any promotion where a winner is randomly selected – cannot require a purchase (i.e., consideration) for the chance to win a prize. This is important for many businesses who use promotions to attract new customers. So, why does it seem that fantasy football is different?

Click to read more ...

Friday
Oct092015

Financial Institutions . . . In the News 

  • Maine Municipal Bond Bank receives an “AA-“ rating from Fitch.  (Business Wire 9.24.2015)
  • Chip credit and debit cards are replacing magnetic strip cards throughout the country to help the fight against data hacking and card skimming.  (Maine News 9.27.2015)
  • Some Maine businesses missed the October 1 deadline to provide new credit card readers allowing the use of chip cards making the business responsible for fraudulent transactions.  (MPBN 10.1.2015)
  • Bangor Savings Bank plans $10 million of investments in Southern Maine.  (BDN 10.7.2015)
  • USDA awards Community Concepts almost $800,000 in grants to build houses.  (MPBN 10.8.2015)