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Maine Bureau of Financial Institutions Updates Bulletin #8

On November 1, 2011, the Maine Bureau of Financial Institutions published a revision to Bulletin #8.  The primary purpose of the revision was to update the list of staff at the Maine Bureau of Financial Institutions.  More generally, the bulletin reminds supervised financial institutions extending credit to BFI professional personnel and examiners or their family members that such loans must be disclosed to the Superintendent (or the Department of Professional and Financial Regulation in the case of a loan to the Superintendent).  The bulletin also reminds financial institutions that, under federal law, extensions of credit to examiners are prohibited in certain instances, and otherwise must be on terms generally available to other borrowers.