More and more, banks and other financial services institutions are offering a broad range of financial services products under one roof. These institutions rely on law firms who understand these different services and are able to see the big picture in an increasingly complex regulatory and financial landscape. Verrill Dana’s Banking and Financial Services Group is comprised of an experienced team of attorneys who provide a single integrated legal resource for financial services clients.
Members of the Group regularly advise financial institutions on a wide range of transactional and perational issues, including:
- General Corporate, Business, and Securities Law
- Regulations related to deposit and checking accounts, including funds availability, check payment, electronic funds transfers, joint and trustee accounts.
- Bank security and privacy issues
- Responding to trustee process, tax liens, and orders to withhold and deliver
- Offering of bank related products, including securities, property insurance, credit insurance, and title insurance
- Licensing and qualification
- Reviewing and drafting complex mortgage, retail lending, and deposit agreements
- Consumer lending issues, including ECOA, home mortgage disclosure, Truth-in-Lending, Fair Credit Reporting, Plain Language Law, and RESPA
- Formation and operation of affiliates under Maine’s Universal Bank Charter laws, including non-depository trust companies and insurance sales subsidiaries
- Bank mergers and acquisitions
- Remote deposit capture services and associated equipment leasing
- Third party broker-dealer networking arrangements
- Municipal finance and collateralization of deposits
- Affiliated business relationships, including third party servicing arrangements
- The Group recently represented a non-bank client in its role as a bank customer in connection with its obligations and liabilities arising from a series of fraudulent electronic funds transfers.
Recently, the Group has advised Maine financial institutions on various aspects of the Emergency Economic Stabilization Act of 2008, including:
- The Treasury Department’s Capital Purchase Program and associated regulations on executive compensation; and
- The new increase in deposit insurance limits and the senior debt guarantee offered under the FDIC’s Temporary Liquidity Guarantee Program.
Representative clients
Biddeford Savings Bank
Border Trust Company
Bar Harbor Bank & Trust
H.M. Payson
Infinity Federal Credit Union
Katahdin Trust Company
Kennebec Savings Bank
Machias Savings Bank
Pentegra
Ram Trust Services
Related Areas of Practice
Commercial Lending
Intellectual Property and Technology
Workout Solutions
For more information about Verrill Dana's Banking & Financial Services Group, contact Group Chair Jim Cohen.