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Can you summarize 02-029 MECM Ch. 107?
Bureau of Financial Institutions (formerly Bureau of Banking) (Note: for the Office of Securities, now a separate entity, see 02-032.) > Activities Permissible for Financial Institution Holding Companies
Short Summary
This regulation, issued by the Bureau of Financial Institutions in Maine, authorizes financial institution holding companies in Maine to engage in specific closely related activities as enumerated in the Bank Holding Company Act of 1956 or Section 408 of the National Housing Act. The regulation allows Maine financial institutions or financial institution holding companies to engage in activities that are at least as broad as, or broader than, those authorized by federal law and regulation. The regulation also grants additional powers that may be engaged in either directly or through a subsidiary of a financial institution or a financial institution holding company. However, any closely related activity requires prior approval from the Superintendent, and an application fee of $2,500 is required. The regulation does not specify any penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Maine financial institution holding companies, Maine financial institutions, subsidiaries of financial institution holding companies or financial institutions
What does it govern?
Activities Permissible for Financial Institution Holding Companies
What are exemptions?
The activities listed in the regulation are subject to approval of an application submitted to the Superintendent of the Bureau of Banking.
What are the Penalties?
No penalties are mentioned in the provided document.
Jurisdiction
Maine