ME BFI News & Notices

FAME Loan Guarantee Program for COVID-19 Borrowers

The Maine Bureau of Financial Institutions announced a new FAME Loan Guarantee Program to assist borrowers affected by COVID-19. Maine banks and credit unions can participate in offering consumer loans up to $5,000 and partner with the SBA for business loans.

Maine BFI Guidance on Financial Institutions Assisting Coronavirus-Affected Customers

The Maine Bureau of Financial Institutions issued guidance encouraging financial institutions to assist customers affected by the Coronavirus. The Bureau will provide regulatory assistance and will not criticize prudent efforts to modify loan terms or waive fees for affected customers.

Maine Warns Consumers of CARES Act Payment Scams

The Maine Bureau of Financial Institutions is warning consumers about an anticipated increase in scams related to direct payments under the CARES Act. The notice advises vigilance against requests for personal information and directs consumers to the IRS website for official information.

Maine Warns Consumers of Holiday Financial Scams

Maine's Bureau of Financial Institutions issued a notice warning consumers about potential financial scams during the holiday season. The notice advises vigilance against phishing, gift card scams, and fake charities, urging consumers to monitor accounts and protect personal information.

Loan Guarantee Program for Government Shutdowns

The State of Maine has launched a Government Shutdown Loan Guarantee Program, established by LD874, for eligible financial institutions. Administered by FAME, the program guarantees repayment of a portion of loans made to federal or state employees affected by government shutdowns, with an initial Guarantee Fund allocation of $250,000.