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Entries in Community Reinvestment Act (4)


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

  •  Home sales rose in Maine in March, both in numbers of homes sold and in higher prices.  (PPH 4.20.2016)
  • The Federal Deposit Insurance Corporation (FDIC) rated Machias Savings Bank “outstanding” on its recent Community Reinvestment Act (CRA) Performance Evaluation.  (Mount Desert Islander 4.23.2016)
  • A class action suit against TD Bank’s coin-counting machines claims the Penny Arcades short-changed customers.  (My Central Jersey 4.29.2016)
  • Lake Sunapee Bank Group bought by Bar Harbor Bank for 142 million.  (Central Maine 5.5.2016)
  • J.D. Power and Associates awards Bangor Savings Bank for the second year in a row,  the highest score in New England among qualifying institutions on its 2016 Retail Banking Satisfaction Study.  (Mainebiz 5.6.2016)



Feds Release List of Rural, Middle-Income Geographies Qualifying for Community Development Credit

Today, federal banking regulators released the list of “distressed or underserved nonmetropolitan middle-income geographies” for 2014.  The list can be found here.  Bank activities in these geographies will receive consideration as “community development” under the Community Reinvestment Act.  

According to today’s release, the list of communities is based on criteria developed by the Federal Financial Institutions Examination Council (FFIEC), which can be found here.   Factors include unemployment, poverty, and population changes.  The designation includes a one-year “lag” for geographies that no longer meet the criteria.

In Maine, distressed communities (listed by census tract rather than by municipality) were designated in portions of Aroostook County, Washington County, Knox County, Piscataquis County, and Lincoln County.

A full copy of today’s release can be found at PR-51-2014.


FDIC Releases Resource Guide to CDFIs 

On May 8th, 2014, the FDIC released a Resource Guide to help banks meet their community credit and development goals, as required under the Community Reinvestment Act.  The Resource Guide focuses on opportunities to work with community development financial institutions (CDFIs).

Click to read more ...