Maine Extends Reduced Assessment Rates for Financial Institutions

ME BFI Orders & Certificates

Published January 6th, 2025

Detected March 18th, 2026

Summary

The Maine Bureau of Financial Institutions has extended reduced annual assessment rates for Maine-chartered banks and credit unions. The reduced rates will apply for assessment fees collected for the quarter ending March 31, 2025, and will remain in place until December 31, 2025.

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What changed

The Maine Bureau of Financial Institutions has issued an order extending reduced annual assessment rates for Maine-chartered financial institutions. For banks and credit unions, the annual assessment rate is reduced from $0.06 to $0.05 per $1,000 of total average assets. For limited purpose banks (nondepository trust companies, uninsured banks, and merchant banks), the rate is reduced from the greater of $4,000 or $0.09 per $10,000 in fiduciary assets to the greater of $4,000 or $0.075 per $10,000 in fiduciary assets. These reduced rates will be reflected on assessment forms distributed in April 2025 and apply to fees for the quarter ending March 31, 2025.

The extended reduced assessment rates are effective January 6, 2025, and will remain in place for four quarters, until assessment fees for the quarter ending December 31, 2025, are collected. The process for collection of assessment fees remains unchanged. Regulated institutions should note the adjusted rates when preparing their April 2025 assessment forms. The order is subject to judicial review under the Maine Administrative Procedures Act.

What to do next

Apply the reduced assessment rate of $0.05 per $1,000 of total average assets for Maine-chartered banks and credit unions for the quarter ending March 31, 2025.
Apply the reduced assessment rate for limited purpose banks (greater of $4,000 or $0.075 per $10,000 in fiduciary assets) for the quarter ending March 31, 2025.
Ensure assessment fees collected for the quarter ending March 31, 2025, reflect these reduced rates.

Source document (simplified)

BUREAU OF FINANCIAL INSTITUTIONS DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION STATE OF MAINE ORDER TO EXTEND REDUCED ASSESSMENT RATE FOR MAINE-CHARTERED FINANCIAL INSTITUTIONS The Superintendent of the Bureau of Financial Institutions (Bureau), under authority found in 9-B M.R.S. § 214, hereby issues this order extending the reduced annual assessment rates for Maine-chartered financial institutions. Banks and credit unions - For quarter ending March 31, 2025, the annual assessment rate for Maine-chartered banks and credit unions subject to the Bureau’s assessment regulation, 02-029 C.M.R. ch. 131 (2004) (Regulation #31), is reduced from $0.06 for each $1,000 of the institution’s total of average assets to $0.05 for each $1,000 of the institution’s total average assets resulting in a quarterly rate of $0.0125. Limited purpose banks - For quarter ending March 31, 2025, the annual assessment rate for Maine-chartered nondepository trust companies, uninsured banks, and merchant banks subject to the Bureau’s assessment regulation, 02-029 C.M.R. ch. 141, (2022) (Regulation #41) is reduced from the greater of (a) $4,000 or (b) $0.09 for each $10,000 in fiduciary assets under the institution’s management to the greater of (a) $4,000 or (b) $0.075 for each $10,000 in fiduciary assets under the institution’s management resulting in a quarterly rate of $0.0188. The fee calculation will be reflected on the Bureau’s assessment forms distributed in April, 2025 and will apply to assessment fees collected for the quarter ending March 31, 2025. The process for collection of assessment fees remains unchanged. This order, if not sooner revoked, will remain in place for 4 quarters until assessment fees are collected for the quarter ending December 31, 2025. Any person aggrieved by this order shall be entitled to judicial review of the order in accordance with the Maine Administrative Procedures Act, Title 5, Chapter 375, Subchapter 7. By order of the Superintendent, Effective January 6, 2025. /s/ Lloyd P. LaFountain, III Superintendent Gardiner, Maine January 6, 2025