- Consumer confidence still high as national home sales dropped in February. (Bangor Daily News 3.25.2014)
- Proposed bill would exempt insurance firms from same capital and liquidity requirements imposed on banks. (Bloomberg Businessweek 3.11.2014)
- Maine’s Bureau of Consumer Credit Protection releases new mortgage guide, “The Downeaster Common Sense Guide to Finding, Buying and Keeping Your Maine Home.” (Maine Real Estate Rama 3.5.2014)
- Maine’s Northeast Bancorp gains prior Obama Cabinet member. (Bangor Daily News 1.24.2014)
- Maine banks and credit unions collaborate on training and education to stop elder financial abuse. (Bangor Daily News 2.10.2014)
- Federal banking changes allow Maine medical marijuana sellers access to banks. (Maine Public Broadcasting Network 2.14.2014)
- Fixed rate mortgages rise in U.S. (Portland Press Herald 2.21.2014)
- Fannie Mae repays taxpayer bailout with $7.2 billion dividend. (Kennebec Journal 2.21.2014)
- U.S. Government receives about $9 million more from Fannie Mae than it drew from the government. (Bangor Daily News 2.23.2014)
- Maine home sales in January 2014 increased 8.6% over sales in January 2013. (Portland Press Herald 2.21.2014)
In the January/February 2014 issue of the Maine Banker magazine, a publication of the Maine Bankers Association, Verrill Dana attorney Janet Britton provided guidance for banks regarding affirmative action compliance.
The article focused on the affirmative action obligations of financial institutions under Executive Order 11246, Section 503 of the Rehabilitation Act, and Section 402 of Vietnam Era Veterans' Readjustment Assistance Act. Also highlighted was the March 2014 effective date of affirmative action requirements of the US Department of Labor related to individuals with disabilities and veterans. Included within these requirements are hiring goals for federal contractors.
For more information, contact Janet Britton of Verrill Dana's Labor and Employment Group.
The Group is also hosting a webinar series on labor and employment compliance issues related to federal contractors, which includes companies doing business either directly or indirectly with the federal government. For more information about how you can participate, go to this link.
- Target shoppers may be affected by data breach. (Kennebec Journal 12.19.2013)
- Maine mortgage defaults increased in 2013 (Sun Journal 12.11.2013)
- Security breach at JP Morgan Chase & Co may affect 1,300 Maine unemployment recipients. (Government Technology 12.11.2013)
- Maine’s elderly and children are targets of identity thefts. (Bangor Daily News 12.11.2013)
Verrill Dana attorney Christopher McLoon has been asked to be an Observer for the Business Entity Series Project of the National Conference of Commissioners Uniform State Laws (NCCUSL). The project is drafting language for organizing and operating series structures for Uniform Acts (the Uniform Limited Partnership Act, the Uniform LLC Act, and the Uniform Business Trust Act). Series structures are becoming more widely accepted and used. Currently, Maine and Massachusetts LLC acts and partnership acts do not allow for series structures.
Chris has also been asked to head up an effort of the ABA Tax Section LLC Committee to study and comment on operational issues in series structures. He will present initial comments to the committee at the ABA Tax Section meeting in January, in Phoenix, AZ.
Working with series structures without understanding what they are, whether they are properly formed and maintained, and how they are supposed to operate is very risky for a lender. A lender working with a series needs to understand who is the borrower, who owns the collateral, and how to perfect a security interest in an asset owned by a series.
Feel free to contact Chris McLoon with any questions on this subject at firstname.lastname@example.org.