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House and Senate appropriators have reached agreement on an FY22 government funding package that would provide a $25 million boost for the Community Development Financial…
Elevating the Transaction
CUNA News profiles Maine’s own Community CU and showcases the credit union’s financial wellness offerings.
CUNA Mutual Group Releases December Trends Report
The December 2021 CU Trends Report is now available. This monthly report, published and distributed by CUNA Mutual Group’s Director and Chief Economist Steven Rick,…
New Filene Report Urges a Rethinking Around Non-Interest Income and Overdraft Programs
CUToday.info examines a new Filene report which analyzes credit union overdraft protection programs. The Filene report urges credit unions to understand which members frequently overdraft,…
Weekly Update Hiatus On December 31
The League will not be distributing Weekly Update next week. We extend our best wishes to you, our credit union family. We hope you have…
Why the Credit Union Tax Exemption Is Vital for the Economy
NAFCU President Dan Berger outlines why the credit union tax exempt status helps put the needs of members first, and allows credit unions to play…
Weekly Update Hiatus Next Week
The League will not be distributing Weekly Update next week. We extend our best wishes to you, our credit union family. We hope you have…
What’s Lifting Credit Union Loans?
CUNA estimates total balances rise despite declining new car and second-lien real estate loans.
NCUA Issues Letter on Subordinated Debt Rule Effective January 1
NCUA issued a Letter to Credit Unions (21-CU-13) reminding all federally insured credit unions the final subordinated debt rule becomes effective Jan. 1, 2022. The final rule amends…
Zoomers on Campus: Where I Choose to Bank
With many Zoomers in college and new to the banking industry, there is much to learn about what credit unions can do to improve their…
Beyond Emergency Relief, the SBA Made Loans Last Year Totaling $205M in Maine
This Mainebiz article highlights the Maine Small Business Administration’s (SBA) loan volume over the past fiscal year. It also recognizes Infinity CU as the leading…
Preventing HELOC Fraud
Credit unions across the country have suffered substantial losses due to counterfeit checks drawing funds from home equity lines of credit (HELOCs). There are steps…
Callahan Predicts Another Earnings Record for CUs
Credit unions generated record income in the second quarter with the help of reversed loan loss provisions and higher loan originations, according to a report…
Pandemic-Related Home Foreclosures Didn’t Spike as Expected, But Could Change Soon
In this Bangor Daily News article about home foreclosures and mortgage delinquencies, Russell Cole, President and CEO of CUSO Home Lending, offers his perspective and…
State of Small Credit Unions Report
The CUNA Small Credit Union Committee has finalized a new white paper, The State of Small Credit Unions Today. The paper outlines the current challenges…
How to Lead by Leaning on Your Team
Renee Ouellette, University Credit Union’s President and CEO, highlights why leveraging your employees’ talents and insights can help your business succeed in this Mainebiz guest…
Mainers Don’t Need 160% APR Loans
In an op-ed published in the Sun Journal on May 12, Community CU President and CEO Jennifer Hogan highlighted why Senators Collins and King and…
Biggest Impediment to Mortgage Growth? Shortage of New Homes
Mortgage lenders will need to pivot to new areas of growth as rising rates put an end to the refinancing boom, but the interest rate environment…
Tell Us Something Good
Some of the best stories we feature in Weekly Update are your stories! From combatting hunger, to supporting local nonprofits, to promoting financial literacy and…
CFPB Proposes to Stop Foreclosures Through the End of 2021
Saying that the pandemic has caused a “shocking increase in housing uncertainty,” the Consumer Financial Protection Bureau has issued a proposal to stop mortgage servicers…
NJ CU Hit With Overdraft Lawsuit
CU Today reports on a new lawsuit facing a New Jersey credit union over alleged unfair overdraft practices. Overdraft class-action lawsuits have been growing in…
Credit Union Margins Remain Under Pressure
CUNA’s latest economic forecasts expects the economy to improve much faster than it anticipated last year, but it remains pessimistic about credit union margins.
Maine’s Jobless Rate Holds Steady at 5% in December
Maine’s unemployment rate in December stayed roughly unchanged from the previous month at about 4.9 percent, according to a report issued Tuesday by the Maine…
Maine Credit Unions Launch New Ad
As part of Maine Credit Unions’ Statewide Awareness Campaign, a new ad launched this week featuring Will Savage of Acorn Engineering. In the ad, Savage…
New Year, Little Change in CU Auto Lending Outlook
The Credit Union Journal examines credit union auto lending. Infinity FCU’s Chief Financial Officer Robert Leger is a featured contributor in this article.