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Our Attorneys

Financial Institutions...In The News

  • Retired President and CEO Mark Johnston of Kennebec Savings Bank was awarded the Peter G. Thompson Lifetime Achievement award by the Kennebec Valley Chamber of Commerce.  (Central Maine 1.4.2017)
  • TransUnion and Equifax fined approximately $23 million for false advertising regarding credit score reports.  (Central Maine 1.3.2017)
  • Fifth Third Bank is not allowed to make acquisitions because of low grade in July 2016 Community Reinvestment Act review.  (Cincinnati 12.29.2016)
  • University of Maine is offering assistance to students and employees who provided passwords to cybercriminals by means of trickery.  (My San Antonio 12.23.2016)
  • Maine Municipal Bond Bank’s 2017 Ser. A Bonds rated as Aa2 by Moody’s.  (4-traders  12.20.2016)
  • Bank teller reports suspicion of elder financial abuse by attorney who had a  Power of Attorney.  (BDN 12.20.2016)
  • Mortgage Servicing Solutions will now service MaineHousing mortgages providing benefits to MaineHousing and its mortgage holders.  (BDN 12.12.2016)
  • Bangor Police Department is working with Bangor Savings Bank in Belfast after skimmer was discovered on ATM.  (BDN 12.10.2016)

Financial Institutions....In the News

  • Early in 2017, the U.S. Supreme Court (Expressions Hair Design v. Schneiderman) will hear arguments related to the credit card fees businesses are required to pay.  (BDN 11.29.2016)
  • In the Portland area, national banks are on the decline while community banks have increased their presence.  (Mainebiz 11.30.2016)
  • Camden National Bank’s services now include 24-hour customer service to help with fraud protection.  (Mainebiz 11.30.2016)
  • The Department of Labor’s fiduciary rule which takes effect on April 10, 2017 is being embraced by Maine banks.  (Mainebiz 11.28.2016)
  • A recent study of fraud and identity theft by WalletHub shows that Maine has less fraud and identity theft than most other states.  (Mainebiz 12.5.2016)
  • Since 2010, bankruptcy filings in Maine have been steadily decreasing but experts warn more bankruptcies may bubble up in the future.  (Central Maine 12.3.2016)

Federal Judge Enjoins Upcoming DOL Overtime Salary Basis Increase

On November 22, 2016, a federal judge in the Eastern District of Texas granted a motion for preliminary injunction filed by the State of Nevada and twenty other states (State of Nevada, et al. v. United States Department of Labor et al., 4:16-cv-00731 (E.D. Tx. Nov. 22, 2016)). This ruling applies nationwide.

The Court ruled on a preliminary basis that the DOL did not have authority to increase the FLSA salary minimum from $455 per week to $913 per week. As most employers know, this rule was set to take effect on December 1, 2016.

Verrill Dana expects the DOL will appeal this ruling to the Fifth Circuit and employers should understand the rule’s legality has not been finally determined. Verrill Dana will be monitoring and reporting on developments as they occur.


Financial Institutions . . . In the News

  • CEO Scott Budde of The Maine Harvest Credit Project plans to file applications in January to become a state-chartered credit union in Maine.  (Mainebiz 10.31.2016)
  • Banks sending elaborate gifts to businesses and individuals are a new scam in Maine.  (WCSH6 11.2.2016)
  • Gardiner, Maine received an historic block of buildings on Main Street from Camden National Bank for redevelopment.  (Central Maine 11.3.2016)
  • New rule is under review by the FDIC for institutions with more than two million accounts which would require timely access of deposits after an institution fails.  (The Hill  11.14.2016)
  • The Federal Reserve Bank of Boston’s President and CEO Eric Rosengren highly expects to raise interest rates in December.  (Reuters 11.15.2016)
  • Personal incomes are rising across all Maine counties but at a slower rate than the rest of nation according to new federal estimates.  (Central Maine 11.17.2016)
  • Chinese bribery case forces JP Morgan to pay $264 million in fines to federal authorities.  (Central Maine 11.17.2016)
  • Central Bank is on track to raise interest rates in December according to congressional testimony of Federal Reserve Chair Janet Yellen.  (BDN 11.18.2016)

Flood Insurance Rule Redux: Feds Reissue Proposed Guidance to Lenders on Accepting Private Flood Insurance

On Monday, a Joint Notice of Proposed Rulemaking was issued by five federal banking agencies seeking comment on new proposed rules addressing how regulated lending institutions should evaluate private flood insurance policies for loans secured by property within special flood hazard areas. The draft rules are intended to implement the Biggert-Waters Flood Insurance Reform Act of 2012, and they replace an initial set of draft rules promulgated July 2015 and published in the Federal Register (78 FR 65107).

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