Our Attorneys

Financial Institutions . . . In the News

  • Gorham Savings Bank President Chris Emmons appointed to FDIC Advisory Committee on Community Banking.  (Dodd Frank Update 2.20.2015)
  • Conversation with Peter Judkins, President and CEO of Franklin Savings Bank, recently appointed to the Federal Reserve Bank of Boston.  (PPH 2.11.2015)
  • Co-Branded credit cards leave little profit margin for banks.  (BDN 2.13-2015)
  • Hackers using malware sent to employees to gain access to bank’s computers.  (New York Times 2.14.2015)
  • Slow electronic payments causes some consumers high overdraft fees.  (MPBN 2.18.2015)
  • Americans debt increased in final three months of 2014.  (News Maine 2.18.2015)
  • Careful consideration is necessary before applying for a reverse mortgage.   (Keep Me Current 2.18.2015)

Financial Institutions . . . In the News

  • Beginning January 2015, Bob Quentin became President of Saco & Biddeford Savings Institution.  CEO Kevin Savage will retire in May 2017.  (Mainebiz 1.22.2015)
  • Mobile banking redefines traditional banking needs.  (New York Post 1.25.2015)
  • New Hampshire state Banking Department and the FDIC are reviewing Bedford, NH’s Primary Bank’s applications to form a new bank.   (NHBR 1.23.2015)
  • Scammers posing as IRS trick Mainers to send money.  (Sun Journal 1.27.2015)
  • A holding company formed by Mechanics Savings and Biddeford Savings seeking approval from regulatory agencies.  (PPH 2.4.2015)
  • Attorney General Janet Mills announces that Maine will receive $21.5 million from Standard & Poor in settlement for unfair and deceptive trade practices.  (BDN 1.4.2015)

Financial Institutions...In the News

  • Debit card fees dispute between retailers and Federal Reserve will not be heard by Supreme Court.  (Central Maine 1.20.2015)
  • President Obama proposes new tax on big banks to discourage high risks.  (Maine News Simply 1.20.15)
  • Maine’s economic forecast is positive but must look to immigrants and urban areas to sustain future growth according to USM Economist Charlie Colgan.  (The Free Press 1.15.2015)
  • RealtyTrac, a real estate data firm, reports foreclosure rates dropped in 2014   (News Maine 1.15.2015)
  • Credit unions ask Congress for a Data Breach Working Group to help prevent data breaches.  (The Hill 1.15.2015)
  • Dividends from U.S. Banks remain low in 2015.  (The West Austrailian  1.13.2015)
  • The markets in the U.S. have improved to make U.S. the leading the global economy.  (PPH 1.13.2015)
  • A national gang, “Felony Lane Gang,” is stealing checks and personal information from cars parked in parking lots in Maine.  (BDN 1.14.2015)
  • New mortgage calculation tools launched by Consumer Financial Protection Bureau.  (MPBN 1.13.2015)

What You Need to Know About Sweepstakes and Contests

The following was originally posted on by Robert Laplaca, Chair of Verrill Dana's Promotions Law Group.


A sweepstakes is a chance promotion where the winners are selected randomly, such as random drawings, giveaways, and instant win games.

There must be no purchase necessary to enter a sweepstakes. Entries with a purchase are permitted, but there must also be a free alternative method of entry for everyone, which provides for equal limitations, equal quantity, equal time and equal prizes. Free entry methods include online and mail-in. But watch out for any hidden costs. For example, text messaging is not a “free” method of entry, because of the possible message and data rates that may apply.

For promotions with prizes over $5000 there are registration and bonding requirements in New York and Florida.


A contest is a promotion where the winners are selected based upon a skill, such as essay, video, recipe, or singing contests.

A sponsor may require a purchase or fee for entry, except in a few states, but the key is that a true skill contest must be based upon an actual, definable skill and there must be distinct judging criteria to select the winners.

Official Rules

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What You Need to Know About Commercial Co-Ventures

The following was originally posted on by Robert Laplaca, Chair of Verrill Dana's Promotions Law Group.

Commercial co-ventures are a form of cause-related marketing that have proliferated in recent years. Commercial co-ventures between a company and a charity not only help charitable causes, but also tend to increase a company’s bottom line. Indeed, market studies have shown that most people will opt to purchase a product associated with a charitable cause over a competitor’s product. Commercial co-ventures are highly regulated, so carefully planning and must be taken to avoid any legal pitfalls.

What is a commercial co-venture?

Generally, a commercial co-venture is a charitable sales campaign where a brand advertises to the consumer that the brand will donate a portion of the purchase price to charity.

How is it regulated?

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