The Federal Deposit Insurance Corporation wants its members to sure that their director and officer liability insurance is adequate. On October 10, 2013, the FDIC issued an Advisory Statement urging banks to review their D&O policies to ensure the policies provided sufficient coverage to attract and retain high quality individuals.
On October 8th, the FDIC issued a Financial Institution Letter (FIL-46-2013) entitled “Managing Sensitivity to Market Risk in a Challenging Interest Rate Environment.” The letter outlines four key areas for banks to consider in managing the risk of rising interest rates.
- Mechanics Savings Bank obtains a $3.7 million judgment against an Oxford developer (Bangor Daily News, 10.3.13)
- NCUA preparing new regulation for large credit union stress tests (Kennebec Journal, 9.19.13)
- Credit reporting agency fined $3.5 million for violating FCRA (Bangor Daily News, 8.25.13)
- Maine real estate sales double the national average (Bangor Daily News, 8.22.13)
- Northeast Bank Discusses Its Commercial Loan Acquisition Strategy (MaineBiz, 9.30.13)
- Maine Credit Unions reach new highs in assets, loans, members (Portland Press Herald, 10.9.13)
- Attorney General to host public meetings regarding Maine’s Foreclosure Diversion Program (Portland Daily Sun, 10.9.13)
On September 27th, the FDIC issued a Financial Institution Letter entitled “Supervisory Approach to Payment Processing Relationships with Merchant Customers That Engage in Higher-Risk Activities.” The purpose of the FIL was to clarify that financial institutions may continue to process payments for such high-risk customers, directly or indirectly but they should ensure proper risk assessment and due diligence to minimize the risk of fraud or other illegal activities that could negatively impact the institution.
This year, the 120th Annual Convention of the Maine Bankers Association was held at the Mt. Washington Hotel. Spectacular weekend and great conference, and Verrill Dana was pleased to be a sponsor. The keynote speaker was Steve Gilliland, author of “Enjoy the Ride.” Foreshadowing his speech about enjoying the trip – not just the destination, I was so moved by the view that I pulled over to take this picture from the side of the road. Thanks again to Pam Green and MBA for putting on another great convention!