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It was a busy week in Augusta for the League advocating on behalf of Maine’s credit unions. The League testified on both LD 2062, An Act to Amend the Laws Governing Real Estate Appraisers and Appraisal Management Committees, and LD 1921, An Act to Amend the Laws Regarding State-chartered Credit Unions.
In preparation for the hearing on LD 2062, the League coordinated the testimony of Acadia FCU, the Maine Association of Mortgage Professionals (whose President is Lori Michaud of CUSO Home Lending), and an appraisal management company. The committee was extremely receptive to the messages about problems in the appraisal industry, and the League is hopeful we will see further progress on this bill.
Testimony for LD 1921 was provided by Ellen Parent, League Director of Compliance. The committee inquired about several components of the bill, including an improved process for the expulsion of a member. The bill would provide primarily technical changes to modernize code and offer parity with federally-chartered credit unions. The Bureau of Financial Institutions testified in qualified support of the bill, and the Maine Bankers Association predictably testified against the bill. The League anticipates slight modifications of the proposed bill to occur at the work session, and we are continuing to work with the Bureau of Financial Institutions to refine language.
If your credit union has any questions regarding these two bills, please reach to a member of the League’s Governmental Affairs team at any time.