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The graphic shows the significant membership growth at Maine credit unions in 2015, continuing a trend that has been going on for a while.
The saying may go, “Out with the old, in with the new,” but before the book gets closed on 2015 for Maine’s credit unions, a look back at some of the year’s highlights is a must. “2015 was highlighted by many successes and extraordinary milestones for Maine’s credit unions. As a result, we are well positioned to continue and to build upon that success in the coming year. 2016 looks bright for Maine’s credit unions,” reflected John Murphy, President of the Maine Credit Union League.
According to the Maine CU League, credit union membership in Maine continued to reach record heights with the latest statistics indicating that membership now stands at 665,000 statewide. Additionally, loans, savings and assets are all at record totals. “Maine credit unions are no longer the ‘best kept secret’ for Maine consumers, as more than half of the state’s population now belongs to a credit union. Our goal in the year ahead is to continue to focus on making Maine credit unions the primary financial institution for the majority of Maine consumers,” noted Murphy.
In 2015, Maine credit unions also celebrated a major legislative success with the passage of legislation that made changes to foreclosure law. Despite significant, initial opposition and long odds, the League and Maine credit unions worked with a number of stakeholders and interested parties to draft legislation that, for the first time, provided for an expedited option for the foreclosure process. The legislation unanimously passed the Judiciary Committee, and overwhelmingly passed the House and Senate. The law took effect on October 15, 2015. In addition to foreclosure, the League helped to achieve positive outcomes on bills concerning abandoned property, financial education and data security.
Other highlights from the past year include another record-setting Maine CUs’ Campaign for Ending Hunger total with $552,000 raised; the implementation of Apple Pay and EMV at the first Maine CUs; strong participation in political activities in Augusta and in Washington; and record attendance at many League Conferences.
“2015 had a lot of notable accomplishments for Maine’s credit unions; we embrace the opportunities that await the League and the Maine CU System in the year ahead,” concluded Murphy.