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…