02-029-107 Me. Code R. § 2
The Federal Reserve Board amended its Regulation Y in 1984 and 1986, which revised and broadened the range of permissible closely related activities. Many other states have been aggressive in authorizing new powers for their financial institutions which have not yet been authorized by the Federal Reserve Board. During the recent period of deregulation, both state and federal regulators have more liberally interpreted existing laws and regulations, thus broadening the scope of authorized powers. It is the intent of the Bureau of Banking to permit Maine financial institutions or Maine financial institution holding companies to engage in activities at least as broad as, or broader than, those activities authorized by federal law and regulation.
Since specific provisions are being added and existing powers broadened on a continuing basis, it is burdensome for the Bureau to amend this regulation each time federal regulations are amended. The Bureau, therefore, authorizes all Maine financial institutions and all Maine financial institution holding companies to engage in closely related activities authorized by federal regulation as well as those additional activities authorized by this regulation, subject to approval of an application submitted pursuant to Section 3.C of this regulation.
02-029 C.M.R. ch. 107, § 2