Banking Law Update

Verrill Dana's Banking & Financial Services Group posts timely updates and commentary on developments affecting banks and financial institutions. This blog is edited by James Cohen with contributed content from across the firm. 

Latest from Banking Law Update

The Consumer Financial Protection Bureau has Wall Street and banks concerned that stronger oversight will take place under President-elect Biden’s term as President. (PPH 12.8.2020) Beginning 2021, Machias Savings Bank will put their leadership restructuring plan into effect. (The County 12.3.2020) Regulatory approval of the Kennebec Savings Bank and Kennebec Federal Savings has been granted. (Central Maine 12.5.2020) US Economy slows down as increase of Covid rise. (Sun Journal 12.2.2020) Christopher…
Judy Shelton nomination blocked by Senate to Federal Reserve (Portland Press Herald 11.17.2020) Judy Shelton is expected to receive Senate confirmation this week to the Board of Governors for the Federal Reserve. (PBS NPR 11.16.2020) Bangor Savings Bank and Damariscotta Bank & Trust plan merger closing on November 30. (The Hour 11.13.2020) Machias Savings Bank creates two new positions in a leadership plan announced recently. (Mainebiz 11.13.2020) The Federal Reserve continues…
The July 2020 U.S. Foreclosure Market Report was released. (DS News 8.27.2020) Federal Chairman Jerome Powell shows a plan to bolster the economy for the long-term. (The Hill 8.26.2020) A May report shows mortgages with a 30-day delinquency rises above 7.9%. (MSN 8.19.2020) Maine community banks provided exceptional assistance to small businesses applying for the Paycheck Protection Program. (Central Maine 8.17.2020) Bank capital requirements may be reduced or temporarily suspended due…
Town & Country Federal Credit Union to host virtual money conference (Mainebiz 6.23.2020) Connected Credit Union and Winslow Community Federal Credit Union’s merger is effective June 27 and will be known as Connected Credit Union. (Mainebiz 6.23.2020) Maine housing market prices increased whiles sales fell in May. (Central Maine 6.22.2020) The COVID-19 pandemic increased consumer’s debt. (PPH 6.21.20) The merger of Kennebec Savings Bank and Kennebec Federal Savings is anticipated to…
Rent and loan payment forbearance rules are not all the same. (Sun Journal 5.1.2020) Applications for rent relief have increased in the last few weeks. (Central Maine 4.29.2020) The Federal Reserve will disclose information on companies and localities that use the lending programs. (The Hill 4.23.2020) Along with limiting evictions, Governor Mills requests that all foreclosure action stop. (The National Law Review 4.27.2020) The Small Business Administration announced that 8,000 applicants’…
Hundreds of business owners filing federal aid applications with lenders. (Portland Press Herald 4.6.2020) Maine Securities Administrator Judith Shaw cautions to be careful of scammers. (Central Maine 4.6.2020) New Dimensions Federal Credit Union CEO Ryan Poulin greets members in line for drive-up window services. (Central Maine 4.3.2020) A number of unanswered questions make applying for the $349B in PPP loans confusing. (The Hill 4.3.2020) Coronavirus “Paycheck Protection Program” guide for small…
As state, federal, and local governments impose ever-greater limitations on business activities and mobility in order to lessen the spread of the coronavirus, the strain on the US economy has grown exponentially. Over the past several weeks, the stock market has tumbled, unemployment has grown, and many businesses are choosing to layoff workers or shut their doors – temporarily, or for good. To address this economic crisis, Congress has been working overtime on several economic…
On Tuesday March 24, 2020, both the City of Portland and the State of Maine issued comprehensive new limitations on business establishments in order to further limit the spread of the coronavirus. Both actions were aimed at limiting the operation of non-essential business and government operations, and continuing to encourage social distancing. Both orders exempted banks and credit unions. State of Maine Issues Executive Order to Close Public-Facing, Non-essential Businesses During the early afternoon of…
The FDIC issued information for bankers and consumers regarding the coronavirus (COVID-19). (FDIC) In response to COVID-19, Maine banks and credit unions issued a joint statement on available services at financial institutions. (PPH 3.17.2020) The Federal Reserve cuts interest rates to near 0%. (Newsweek 3.15.2020) Maine had the fourth largest decrease in delinquent mortgages in the country from August through January. (Mainebiz 2.21.2020) Four members of the Chinese Military were…
Bangor Savings Bank plans new branches and new hires. (BDN 1.7.2020) Biddeford Savings Bank and Mechanics Savings Bank have combined to form Maine Community Bank. (Central Maine 1.7.2020) Mortgage rates in 2020 are expected to stay low but supply of housing may still prove a problem. (PPH 1.6.2020) The purchase of Damariscotta Bank & Trust by Bangor Savings Bank has an expected closing in the second quarter of 2020. (PPH 12.18.19)…