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AUGUSTA - Governor John Baldacci today announced his nomination of former State Senator Lloyd P. LaFountain, III, to serve as superintendent of the Bureau of Financial Institutions. The superintendent is the state’s chief regulator of state-chartered banks, savings and loan associations and credit unions and is responsible for ensuring the safety and soundness of Maine’s financial institutions.
“I am extremely pleased that Lloyd LaFountain has agreed to serve as superintendent of financial institutions,” said Governor Baldacci. “As the former chair of the Banking and Insurance Committee, he brings to the position an in-depth knowledge of financial service policy and a strong record of public service. I am confident of Lloyd’s ability to foster healthy competition in the banking market, while protecting Maine consumers.”
As a State Senator from Biddeford, LaFountain served for eight years (1996-2004) as chair of the Insurance and Financial Services Committee and its predecessor, the Banking and Insurance Committee. From 1994-1996, he represented district 19 (Biddeford) in the Maine House of Representatives. In his 10 years of legislative service, LaFountain served on more than a dozen task forces and special commissions, including several to improve regulatory efficiency and assist small businesses.
The superintendent of financial institutions is responsible for overseeing a regulatory framework that maintains public confidence in a secure and competitive financial system. Under the superintendent’s direction, the Bureau:
The superintendent serves as an ex officio commissioner of the Maine Municipal Bond Bank and the Maine Health and Higher Education Facilities Authority, as well as a trustee for a variety of state of Maine trusts. The superintendent serves for a term of five years.
“The financial services sector has changed dramatically in the past decade as federal legislation has removed barriers to competition. Lloyd has been deeply involved in the development of state policies to ensure that Maine’s financial institutions compete on a fair and level playing field. He understands the importance of creating a regulatory environment that encourages the growth of financial institutions and attracts new institutions to the state. Vigorous financial markets are critical for Maine’s continued economic growth,” Baldacci stated.
LaFountain is a partner in the Biddeford law firm of LaFountain & LaFountain. He graduated from Suffolk University School of Law in 1987 and has a bachelor’s degree from the College of Holy Cross.
Last Updated: May 24, 2011
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