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Tuesday
Nov192013

Charlie Katz-Leavy Speaks to the Press about FEMA’s new Flood Maps

Charles Katz-Leavy of Verrill Dana was recently in the news regarding FEMA's new flood insurance rate maps (FIRMs).  The changes are of particular significance for property located near the water, including the ocean, rivers, or lakes.  For properties mapped in a medium or high risk flood zone, the cost of flood insurance could increase significantly – particularly because flood insurance is typically required for financing.  Being added to the flood zone could also restrict building or development opportunities, thereby impacting the value and marketability of the real estate.
 
Charlie’s article entitled "Reversing the Tide: How to Appeal FEMA’s Proposed Flood Maps" recently appeared in the New England Real Estate Journal.

Charlie was also quoted in the Portland Press Herald in "New Flood Zones to Hit Some Maine Landowners Hard."  He also appeared on WCSH-TV in "FEMA Releases Preliminary Flood Maps," and on WGME-TV in "FEMA Releases New Flood Maps."

For more information about FEMA’s new flood maps, contact Charles Katz-Leavy at ckatzleavy@verrilldana.com.

Thursday
Oct172013

A Rising Tide: New Federal Flood Insurance Rules Under Consideration

Five federal agencies recently issued a notice of proposed rulemaking to implement elements of the Biggert-Waters Flood Insurance Reform Act of 2012. The scope of the rules are limited to flood insurance purchases where the agencies have jurisdiction. The five agencies include the FDIC, FRB, OCC, NCUA, and Farm Credit.

Click to read more ...

Wednesday
Oct162013

Maine AchievesTruth-in-Lending Harmony, Adopts Regulation Z-3

Maine financial regulators have now finalized Regulation Z-3 in order to harmonize the State’s Truth-in-Lending rules with recently adopted changes approved by the Consumer Financial Protection Bureau.

The joint rulemaking was issued October 15, 2013 by Maine’s Bureau of Financial Institutions (Chapter 138) and Maine’s Bureau of Consumer Credit Protection (Chapter 240).

Under the new rules, federal Regulation Z (12 CFR Part 1026) and Regulation M (12 CFR Part 1013) are conformed to Maine law.  The new rule also includes changes to both rules that were adopted on September 13th of this year by the CPFB.

The original notice of rulemaking was issued on August 20, 2013 as reported in Banking Law Update

Regulation Z-3 became effective on October 15, 2013.

Tuesday
Oct152013

FDIC Asks Bank Directors and Officers: Are You Covered?

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.

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Wednesday
Oct092013

FDIC Letter: Four Steps for Managing Interest Rate Risk

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.

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