Maine Credit Union League Weekly Update

April 1 kicks off the start of both Credit Union Youth Month and National Financial Literacy Month, and our League looks forward to seeing all the wonderful ways Maine’s credit unions will engage with their communities! Participating in Credit Union Youth Month is a great way to exemplify why credit unions are different, serving members of all ages across the state simply because it’s the right thing to do. 

Have you ever wondered when planning begins for the League’s Convention and Exhibit Show, now known as Elevate? The answer might surprise you—we start as soon as the previous year’s event ends! With nearly a full year of preparation, Elevate 2025 is shaping up to be an unforgettable experience, and registration is now open.

For many New Americans, managing money in a new country can feel overwhelming. This edition of the Financial Literacy Blog explains how keeping money in a credit union is one of the safest and smartest financial decisions someone new to this country can make. Credit unions are encouraged to share the Financial Literacy Blog with their members.

Registration is now open for the 7th Annual Bag Toss Tournament hosted by Cumberland County FCU. The tournament is taking place on Wednesday, June 11 at 33 Elmwood in Westbrook. All proceeds from the event will be donated to the Campaign for Ending Hunger.

NorState FCU is pleased to announce that it will be carrying on the legacy of the prestigious Cloukey Challenge, a golf tournament that has been raising funds to benefit Special Olympics athletes in Aroostook County. The tournament has long been an important event in the community, raising awareness for local athletes and their achievements.

The League’s Governmental Affairs team stayed busy this week, following multiple issues and bills closely. Topics of importance include medical debt and credit reports, allowing merchants to add surcharge fees for card transactions, and engagement in work sessions surrounding both LD 880 and LD 859.

S&P Global Market Intelligence recently released its list of the 100 Best Performing Credit Unions in the United States. Three Maine credits unions—OTIS FCU, Central Maine FCU, and Oxford FCU—were included in the 2024 ranking, which analyzes financials for the year ending on December 31, 2024.

The Bangor Chapter of Credit Unions is thrilled to announce the return of its Colors for a Cause 5K on May 18, along the beautiful Bangor waterfront. This vibrant, family-friendly event combines fun, fitness, and fundraising in support of Children’s Miracle Network Hospitals. Sign up today and make a difference—one colorful step at a time!

If your credit union is a member of the York County Chapter of CUs, don’t miss your opportunity to network with your peers and hear from League President Elise Baldacci on April 8 at the Credit Union Service Center in Westbrook. The Chapter will be holding its Annual Meeting at 12:30 pm, followed by an educational session led by Baldacci where she will discuss industry trends and Maine’s credit union movement.

Big changes are coming for League InfoSight next week. On March 31, InfoSight is launching their new, combined product: InfoSight360. InfoSight360 will integrate InfoSight, CU PolicyPro, and RecoveryPro for a convenient single-login platform. The system will also be powered with a closed-system AI search feature, enabling users to get all the content on an issue in one place. In the coming weeks, League InfoSight will offer several trainings on the new product.

Content in this week’s newsletter includes:

• InfoSight360 Launch Update
• FinCEN Guts Beneficial Ownership Reporting Requirements Under the CTA
• Social Security Announces Cost Reduction and Enhancements Plan
• FinCEN Issues Southwest Border Geographic Targeting Order
• FinCEN Beneficial Ownership Information Reporting Requirement Revision and Deadline Extension Interim Final Rule