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Entries in Federal Reserve (5)


Financial Institutions . . . In the News

  • The Federal Reserve decided to not raise interest rates due to a weak May employment report and uncertainty about international economies.  (Portland Press Herald 7.6.2016)
  • Creating and using fake credit cards to buy $50,000 plus worth of goods in Maine leads to man’s arrest, jail, and a $250,000 fine.  (BDN 7.9.2016)
  • York County Federal Credit Union finds device on its ATM used to collect electronic information known as “skimming.”  (Mainebiz 7.12.2016)
  • May reports show foreclosure inventories dropped.  (Consumer Affairs 7.13.16)
  • JP Morgan reports strong quarterly results - leading other institutions. (BDN 7.14.2016)
  • Maine is the 9th top-performing state for the rate of growth for the first quarter.  (Portland Press Herald 7.27.2016) 

Financial Institutions . . . In the News

  • Kennebunk Savings Bank promotes Dennis Byrd to Senior Executive Vice President, COO, Lynn Howe to Executive Vice President, Chief Sales and Delivery Officer, and Jill Peter to Executive Vice President, Chief Risk Officer. (Fosters 10.25.2015)
  • FICO scores in the future may be determined by social media and telecom and utility bills.  (MPBN 11.5.2015)
  • Reviews by federal regulators show 9.5% of high-risk loans totals $3.9 trillion.  (Central Maine 11.5.2015A)
  • Consumer advocates oppose Federal House bill that changes mortgage regulations.  (The Hill 11.17.2015)
  • Identity theft is the most common and least reported crime in Maine.  (BDN 12.1.2015)
  • Preparing now could save you money before Federal Reserve raises interest rates.  (BDN 12.1.2015)

Financial Institutions . . . In the News

  • The FBI is asking for the public’s help through its tip line that targets public corruption starts up in Maine and other states.  (BDN 12.15.14)
  • Federal Reserve Chair Janet Yellen does not plan to raise rates in the first four months of 2015.  (PPH  12.18.14)
  • Rate hikes by Federal Reserve are not expected for immediate future.  (PPH 12.16.14)
  • $50 million in bonds approved by Maine voters await Governor release.  (The Bond Buyer 12.12.14)
  • Northeast Bank hired 9 experienced bankers to expand its small-business loan division that will issue millions of dollars across the country.  (PPH 12.11.14)
  • Sen. Elizabeth Warren, in opposition to the $1.1 trillion government funding bill, campaigned to defeat the bill.  (The Hill 12.10.14).
  • Consumers bullied out of millions by scammers claiming to be the police.  (BDN 11.24.14)

Federal Reserve Announces Pre-Filing Process for Reviewing Transactions

The Federal Reserve recently announced a formal process for obtaining regulatory guidance from Federal Reserve staff regarding bank and nonbank acquisitions and other transactions prior to submitting formal applications.  The new process is intended to benefit community banks and other entities that do not frequently make filings with the Federal Reserve for obtaining regulatory approval of proposed transactions, such as mergers.  The process is also directed at novel transaction proposals, where regulatory feedback may be appropriate at an early stage.  The Federal Reserve believes that this new process (which is optional) could shorten the review period for later formal applications, which are still required.


The pre-filing process will be available to cover an array of pre-transaction matters, including formal filing requirements, business plan review, vetting of transactional and structural documents, and addressing potential regulatory issues.  The pre-filing review process is expected to take no more than sixty days under most circumstances.  The Federal Reserve warns potential users of the process  that inquiries and documents submitted in connection with a pre-filing may be subject to public disclosure under the Freedom of Information Act (FOIA), unless subject to a statutory exemption.


Federal Reserve Issues Statement on Supervisory Rating Upgrades for Community Banks

The Federal Reserve (“FR”) recently issued guidance outlining the factors it will consider in determining whether a state member community bank’s supervisory ratings should be upgraded (the “Guidance”). The FR stated that the Guidance is particularly relevant to institutions supervised by the FR with consolidated assets of $10 billion or less, including small community banks and bank holding companies.

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