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Entries in Maine Bureau of Financial Institutions (4)


Mortgage Foreclosures Down for Maine-Chartered Financial Institutions

According to the Maine Bureau of Financial Institutions, foreclosure activity among state-chartered lenders in Maine is down as compared to last year, but still above pre-recession levels. 

On September 3, 2013, the Bureau issued its Second Quarter Foreclosure Report which tracks foreclosure data from the 31 state chartered banks and credit unions for which the Bureau has information.  According to the Report, there are 60,000 first-lien mortgages held by these institutions, of which 0.51% were in the foreclosure process.  For the Second Quarter, there were 70 loans in the foreclosure process, down from 84 loans a year ago (a 16.7% reduction).

The Bureau also reported a decline in early delinquencies, but an increase in more “serious” delinquencies (more than 90 days past due).  However, according to Superintendent Lloyd LaFountain III, “[F]oreclosure activity, while remaining above pre-recession levels, does not pose a threat to the stability of Maine’s state-chartered financial institutions.”


Maine Financial Regulators Propose "Regulation Z-3"

On Tuesday August 20th, the Maine Bureau of Financial Institutions and the Maine Bureau of Consumer Credit Protection issued a notice of proposed rulemaking entitled Regulation Z-3. The new rule would be codified as Chapter 138 of the rules of BOFI, and Chapter 240 of the rules of BCCP.

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Maine Regulation Z-2 Officially Repealed

Regulation Z-2 is now officially repealed in Maine. On December 1, 2011, the Maine Bureau of Consumer Credit Protection and Bureau of Financial Institutions jointly announced the conclusion of their rulemaking regarding Regulation Z-2, which was slated for repeal based on recent amendments to Maine’s Consumer Credit Code earlier this year.

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Donald Groves joins Consumer Financial Protection Bureau

Donald Groves, long-time Deputy Superintendent for Examination and Supervision for the Maine Bureau of Financial Institutions, recently left the Bureau to join the newly-formed Consumer Financial Protection Bureau based in Washington, D.C.   Robert Studley has been named Acting Deputy Superintendent and will assume Don’s duties.   We wish Don the best at the CFPB!