Medical marijuana industry getting 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
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.
Maine Updates Truth in Savings Regulations
May 22, 2014 – Augusta, Maine – Maine’s Bureau of Financial Institutions issued a notice of proposed rulemaking on May 22, 2014, that would repeal and replace the Bureau’s Regulation 18 “Funds Availability and Truth-in-Savings.” The proposed update would incorporate changes to Federal Regulation CC, Federal Regulation DD, and NCUA Board Truth-in-Savings provisions since the state last updated this regulation in 2012. Credit unions are subject to NCUA Regulation 12 CFR Part 707, which has undergone several technical, non-substantive changes since 2012. The proposed rule also reflects the transfer of authority over the Truth in Savings Act from the Federal Reserve Board to the Consumer Financial Protection Bureau (CFPB). Neither 12 CFR Part 230, repealed by the FRB, nor 12 CFR Part 1030, enacted by the CFPB, applies to credit unions. The comment period for the proposed rule closes on July 7, 2014. You can access the Notice of Agency Rule-making here.
Maine Bureau of Financial Institutions Releases Q1 Foreclosure Report
May 16, 2014 – Augusta, Maine – On May 16, 2014, the Maine Bureau of Financial Institutions reported declining delinquencies and fewer initiated foreclosures across state-chartered banks and credit unions during the first quarter of 2014. Although rates remain higher than pre-recession levels, foreclosures initiated on first residential real estate loans slowed to the lowest percentage since 2008. The Bureau has maintained data on foreclosure activity in state-chartered institutions since Q4 2006. Bureau of Financial Institutions’ Superintendent Lloyd P. LaFountain III noted that foreclosure activity “appears to be slowly abating and does not pose a threat to the stability of Maine’s state-chartered financial institutions.” Read the press release here.
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