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As the federal government shutdown lingers on, many Mainers are struggling to make ends meet. To help alleviate some of their financial woes, Senator Troy Jackson introduced emergency legislation on Thursday to provide a state guarantee on private loans from credit unions and other financial institutions to federal government employees living in Maine. The bill, which is backed by Governor Mills, would go into effect immediately if the legislation receives two-thirds support in both the House and Senate. The Legislature could consider the bill as early as Monday.
The League, along with the Maine Bankers Association, met with Senator Jackson earlier this week to express our willingness to help members impacted by the shutdown. Credit unions across Maine have already implemented programs to offer financial assistance and if this legislation passes, credit unions could have an opportunity to do more.
“Credit unions are always in the business of ‘people helping people’ in good times and in bad, but our services become even more meaningful when our members face challenging situations like the federal government shutdown,” said Todd Mason, President/CEO of the Maine Credit Union League.
The League will be reviewing final bill language once it is published and will keep members apprised as more information becomes available, including details about how the program will be implemented.