Maine’s New Banking Regulators
Former Maine Securities Administrator Christine A. Bruenn was sworn in May 11 by Gov. John E. Baldacci as commissioner of the Department of Professional and Financial Regulation. Bruenn will oversee insurance, banking, securities and consumer credit regulation, as well as 41 professional licensing boards and registration programs.
“When I appoint someone to my Cabinet, I look not only for the experience and skills for the job, but for someone who has a commitment to making Maine’s economy thrive. Chris Bruenn brings to the position a strong record of promoting Maine’s business climate. She has earned the trust of Maine’s business community, while effectively advocating for consumers,” said Baldacci.
Bruenn has worked in the department’s Office of Securities since 1987, where she began as an investigator before becoming head of the enforcement division, then becoming Maine’s Securities Administrator in 1997. The office protects consumers who purchase securities or investment advice and helps small businesses raise money and comply with securities laws.
Bruenn has been on the front lines protecting consumers. In 2002, she was elected as president of the North American Securities Administrators Association, an organization that represents securities regulators in the United States, Mexico and Canada. In this capacity, she led state securities regulators in reaching a settlement of Wall Street firms’ unethical conflicts of interest by research analysts, the result of which changed the way investment firms operate.
Bruenn graduated in 1979 from Michigan State University and obtained her law degree in 1987 from Memphis State University.
Former state Sen. Lloyd P. LaFountain III, has been appointed to serve a five-year term 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 Baldacci upon nominating him. “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 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.
LaFountain has been 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.