C.M.R. 02, 029, ch. 107 - ACTIVITIES PERMISSIBLE FOR FINANCIAL INSTITUTION HOLDING COMPANIES (Reg. #7)

SUMMARY: This regulation, originally effective November 24, 1976 and most recently amended on December 14, 1983, was promulgated to authorize Maine financial institution holding companies 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. Numerous changes have been made to the Federal Acts and this state has kept pace with those changes by allowing the Maine regulation to maintain parity whenever changes are made in federal law or regulation.

Maine law specifically authorizes the Superintendent of the Bureau of Banking to promulgate rules which are no more restrictive than federal law and regulation. Maine law permits the promulgation of rules which would grant greater authority to Maine financial institution holding companies than federal rules. This revision grants additional powers that may be engaged in either directly or through a subsidiary of a financial institution or a financial institution holding company.