March madness
It's one of those unhappy coincidences that I am inevitably trying to pull together my taxes at the same time I'm trying to update our family's FAFSA form. (For those of you without college-age children, FAFSA is the unwieldy federal reporting form that qualifies you for federal student financial aid.)
This marks the ninth year I've had to update the FAFSA form and — God willing — it will be my last. Not only does it test my minimal understanding of accounting (hmmm, is my son's work-study income considered earned income?), but it incites dread. If I make a mistake, will the full wrath of EdFinancial, the federal agency that services student loans, come down on me? Will it ruin my credit score? Will there be penalties and fines if a misplaced decimal point means we got more money in a Stafford loan than we should have? Erggg.
That's how I personalize compliance with federal regulations, the theme of Staff Writer Matt Dodge's cover story, "Toeing the line," part of this issue's focus on banking and finance. In the past five years, banks and credit unions have had to implement hundreds of new regulations that affect every facet of their operations. The time and expense has steadily risen so that a typical bank spends 12% of its operating revenue on compliance costs, according to a recent banking industry survey. (I wonder what those banks deemed "too big to fail" pay? Maine's community bankers are still seething that they have to adhere to heightened regulations when their banking practices had little to do with the chaos that led to Wall Street's collapse.) See how Maine's bank managers are using creative ways to meet the compliance challenge.
We also take a look at a new investing tool that Coastal Enterprises Inc. offers geared toward helping disenfranchised entrepreneurs. It also makes investments in companies that support environmental initiatives such as alternative energy or reducing pollution and waste. Senior Writer Jim McCarthy explores the new fund, CEI Investment Notes, and what motivates investors to join it.
Jim also penned this issue's cover story, "Pushing Maine milk," an exploration of a marketing campaign by Oakhurst Dairy intended to influence Maine consumers to buy Maine milk. The dairy industry is roiling from recent changes — from the closing of a processing plant in Bangor to vastly increasing costs for feed and fuel. The campaign pushes the question of brand loyalty, and Maine dairy officials weigh in on potential consequences if consumers vote more with their pockets than their consciences.
Online Editor Darren Fishell spends a few minutes with Heather Blease in On the Record, where she talks about her newest venture, SaviLinx, a call center based at Brunswick Landing. Some of you might recall Heather first appearing on the Maine scene in the late '90s with EnvisioNet, a call center that employed more than 2,000 and focused on servicing tech companies. But it took on too much debt to finance its growth and eventually filed for bankruptcy. She says she's wiser now from her experience.
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