ME BFI Bulletins

Maine Bulletin 76 Amended: Interest on Escrow Accounts Benchmark Rate Changed

The Maine Bureau of Financial Institutions has amended Bulletin 76 to reflect a statutory change in the benchmark interest rate for escrow accounts on owner-occupied residential properties. The new benchmark is the 1-year Treasury Bill secondary market rate, effective for calendar year 2023.

Maine Financial Institution Application Fee Increases

The Maine Bureau of Financial Institutions has revised its schedule of application fees for financial institutions. Most significantly, the fee to charter new financial institutions, including nondepository trust companies, merchant banks, and uninsured banks, has been increased to the statutory maximum of $5,000.

Maine BFI Bulletin 80: FFIEC Cybersecurity Tool Sunset

The Maine Bureau of Financial Institutions issued Bulletin #80, updated June 30, 2025, to notify financial institutions that the FFIEC Cybersecurity Assessment Tool (CAT) will sunset on August 31, 2025. The Bureau continues to expect institutions to assess cybersecurity preparedness using alternative methods and resources.

Maine Guidance on Non-Sufficient Funds (NSF) Fees

The Maine Bureau of Financial Institutions issued guidance on non-sufficient funds (NSF) fees for state-chartered financial institutions. The bulletin clarifies that charging multiple NSF fees under certain circumstances, such as inadequate disclosure or lack of reasonable opportunity to avoid fees, will be treated as an unfair practice. Institutions are encouraged to self-identify and correct violations.

Maine Banks: Corporators Meetings Notice Requirements

The Maine Bureau of Financial Institutions issued Bulletin 84 to clarify notice requirements for corporators meetings for Maine-chartered mutual banks. The bulletin designates newspapers of general circulation in the county of the institution's home office as sufficient for public advertisement of meeting notices.