Enter your email address to receive new posts in your inbox:

Delivered by FeedBurner


Like what you see? Share!

Our Attorneys

Entries in Elder Financial Abuse (5)


Financial Institutions . . . In the News

  • Wells Fargo Bank $1 billion fine is among the largest set by regulators.  (Central Maine 4.19.2018)
  • Federal Reserve Chairman Jerome Powell maintains that slow and steady increases in rates is the right course of action to strengthen the economy.  (PPH 4.7.2018)
  • Lake Sunapee Bank in New Hampshire will now be known as Bar Harbor Bank & Trust.  (Valley News 4.8.2018)
  • Maine’s banking industry is seeing changes in leadership as women take on more executive roles.  (Mainebiz 4.4.2018)
  • A warning from Maine’s Bureau of Financial Institutions is issued due to scammers deceiving bank customers and credit union members.  (Central Maine 4.2.2018)
  • Elderly Mainers are an easy target for financial abuse which often goes unreported.  (BDN 3.29.2018)
  • Maine credit unions continue to attract new members.  (Central Maine 3.28.2018)
  • President and CEO Bob Montgomery-Rice of Bangor Savings Bank announces a new branch office in Portsmouth, NH.  (Mainebiz 3.23.2018)
  • Community Credit Union President and CEO Jennifer Hogan reports the credit union will stay at 144 Pine Street in Lewiston.  (Sun Journal 3.7.2018)
  • Maine banks benefited from a strong economy and stock market resulting in 2017 being a good year.  (The Ellsworth American 3.4.2018)

Maine Bureau of Financial Institutions Issues 2016 Annual Report

On January 15, 2017, the Maine Bureau of Financial Institutions issued its Annual Report for 2016. The report is available here. According to the Annual Report, there were a total of 43 state-chartered financial institutions supervised by the Bureau. This included 19 banks, 12 credit unions, and 12 “limited purpose” purpose financial institutions – primarily non-depository trust companies.

Click to read more ...


Financial Institutions...In the News

  • Four branches of Bangor Savings Bank will close and consolidate with other branches.  (WMTW 12.5.2015)
  • In December, Kennebunk Savings Bank welcomed Alyson Graybill and William Dehais to the bank.  (Fosters 12.6.2015)
  • Senior$afe, a program to fight financial abuse of seniors, resulted in the reporting of 30 suspected cases since its inception by the State in 2014.  (Mainebiz 12.28.2015)
  • Washington and Cumberland County are the only two counties that saw an income increase since 2000.  (BDN 1.25.2016)
  • People’s United Bank, the seventh largest bank in Maine, announced its new Maine headquarters will be located on Fore Street in Portland.  (Manebiz 1.25.2016)
  • Unemployment for December 2015 in Maine was the lowest in 15 years at 4.0 percent.  (Portland Press Herald 1-26-2016)
  • Tony McKim, President of The First, N.A., announced the bank is changing its name to the First National Bank.  (The Ellsworth American 2.1.2016)

Top 5 Priorities of Maine Banking Industry for 2016

In a November 2015 interview with MaineBiz news magazine, Maine Bankers Association President Chris Pinkham listed the top five issues that he believed were priorities for Maine’s banking industry.  His list includes, in order:

  1. Addressing cybersecurity and fraud issues with the EMV chip.  Pinkham cautioned that chip technology is encrypted, but transactions on the Internet remain at risk.  He also noted that customers still needed to check their statements; merchants needed to install the right equipment; and card manufacturers needed to “beef up” production to get the cards out there.
  2. The growth of residential mortgage closing documents as a result of the integration of Truth in Lending and Real Estate Settlement Procedures Act disclosures. Pinkham noted that the closing package had grown from 105 pages to 120 pages as a result.
  3. Regulatory relief was needed for small banks that are less complex. Pinkham also suggested ways to reduce the frequency with which privacy notices are sent to customers.
  4. Encouraging more partnerships between banks and the community, including efforts to reduce elder financial fraud.  Pinkham pointed to a new “Senior Safe” program that had trained 125 tellers to better identify instances of fraud, and an 800-number to report.
  5. Addressing student loan debt.  The weight of student loan debt is hurting families, and he encouraged policies that allowed for the consolidation of student debt or other incentives for Maine graduates to stay and work in Maine.

The full article from MaineBiz, published November 30, 2015, can be found here.


Financial institutions . . . In the News

  • 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)