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This week, the League was pleased to welcome the Maine Bureau of Financial Institutions (the Bureau) and Maine state-chartered credit unions for an update and discussion between regulators and regulated entities. Of the twelve state-chartered credit unions, eleven were able to send representatives. Superintendent Lloyd LaFountain brought five members of his staff and was also accompanied by Acting Commissioner of Professional and Financial Regulation Joan Cohen.
The Bureau provided updates on all of their areas and then took questions from the audience. Of particular note, the Bureau discussed a new statute that while expanding the grounds for expulsion of members, also requires that state-chartered credit unions institute an expulsion policy and provide that policy to their members starting in January 2025. Credit unions asked about parity with federal charters and the difference in procedures for mergers and acquisitions between the NCUA and the Bureau. The discussion also touched on the increased prevalence of fraud and the retirement of the FFIEC Cybersecurity Assessment Tool (CAT).
A meeting between just the Bureau and the state-chartered credit unions has not occurred since before the COVID-19 pandemic.
“I am thrilled that we were able to revive this meeting and allow for open dialogue between credit unions and state regulators,” said League President Elise Baldacci. “This meeting is a great opportunity for our credit unions to hear from regulators and each other in a setting outside of regular examinations.”