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

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

  • 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