Maine Story Archive

Maine Financial Institutions Superintendent warns consumers of financial scams related to the anticipated direct payments from the U.S. Government under the CARES Act.

April 6, 2020 – GARDINER – Superintendent of the Maine Bureau of Financial Institutions Lloyd LaFountain is warning consumers of an expected surge in scam attempts involving the anticipated direct payment to individuals under the federal Coronavirus Aid, Relief, and Economic Security Act or the CARES Act. The new law, enacted by Congress on March 27, 2020, is intended to provide financial relief to all Americans to help alleviate the negative economic impact of the coronavirus pandemic. Individuals can expect to receive a direct payment from the federal government in amounts up to $1,200 beginning in the next few weeks.

“Unfortunately, scammers will very likely try to exploit the program to engage in ID theft and to defraud innocent people of their payments. Everyone is reminded to remain vigilant during the current crisis and be wary of any requests for personal information,” remarked LaFountain.

The Treasury Department and the Internal Revenue Service have announced that the distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. The IRS indicates that Social Security beneficiaries who are not typically required to file tax returns will not need to file to receive a payment. Instead, payments will be automatically deposited into their bank accounts. However, some people who typically do not file returns will need to submit a simple tax return to receive the economic impact payment. Details on how to obtain the payments will be posted on the IRS website. The Superintendent urges Mainers to go to www.IRS.gov for their information.

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Medical marijuana industry getting the cold shoulder from financials
Jan. 3, 2016 — Portland — Some caregivers and dispensary owners have found state-chartered banks or credit unions that are more willing to do business in funding medical marijuana financial needs, but the options are limited. READ MORE

Maine Credit Union League Releases Statistics
April 22, 2015 – Aroostook County, Maine – Recently released year-end statistics of Maine’s 60 credit unions, as reported by the Maine Credit Union League, reflect growth in assets, loans and savings in 2014.

 

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