Maine Credit Union League Weekly Update

Credit unions in Maine have long been a force for good—and right now, our help is urgently needed. Good Shepherd Food Bank, our dedicated partner in fighting hunger, is facing a critical shortfall in federal support. The ripple effect is already being felt, from the Food Bank to the front-line food pantries serving Maine’s communities. With demand surging and supplies dwindling, this is a moment for us to come together in the credit union spirit of People Helping People.

Many organizations across Maine join credit unions in the fight to end hunger. As food banks face financial challenges, the demand for food is only increasing. Luckily, those of us working to address hunger are not wavering—including the University of Maine (UMaine). Students there will be hosting the annual Maine Day Meal Packout on April 30 at Memorial Gym in Orono, and your credit union can support their efforts!

The Maine Credit Union League and Synergent are pleased to announce the hiring of Steve Torino as our new Chief Information Security Officer (CISO). In his role, Torino will lead the development and execution of the Maine Credit Union League and Synergent’s security strategy, collaborating across teams to further strengthen our already robust policies, practices, and awareness.

OTIS FCU is pleased to announce Melissa Sproul has been hired as its new Vice President of Operations. She will lead the credit union’s operations team through developing and overseeing the delivery of services to members, implementing key organizational strategic plans, and providing regulatory oversight.

At a celebration in Austin, Texas on March 25, the best and brightest in credit union marketing were honored at the 2025 Diamond Awards Ceremony. Held in conjunction with America’s Credit Unions’ Marketing, PR, & Development Council Conference, the event recognized 180 outstanding marketing initiatives. Among the winners were two Maine credit unions and the Maine Credit Union League, each bringing home a coveted Diamond Award.

Today at 9:30 am, the Judiciary Committee will review LD 1444, An Act to Prevent Foreclosures Without Strict Compliance with Notice Requirements. The bill, sponsored by Senator Anne Carney would reinstate “strict compliance” with notice requirements regarding foreclosure. This rule was known as the “free house” rule in Maine since having any error in the notice and procedure process resulted in mortgages under foreclosure being effectively canceled.  

The House voted 217-211 to advance its resolution of disapproval for the Consumer Financial Protection Bureau’s (CFPB) overdraft rule Wednesday. The Senate passed its version last month, and the White House has indicated President Donald Trump will sign the resolution, nullifying the rule via Congressional Review Act.

On March 28, 2025, the CFPB announced that it will not prioritize enforcement or supervision actions with regard to the payday lending rule. In its press release, the CFPB said that it is further contemplating issuing a notice of proposed rulemaking that would further narrow the scope of the rule.

This edition of the Financial Literacy Blog covers what deed fraud is, how to protect your information, and what to do if you fall victim to this type of fraud. The Boston Division of the Federal Bureau of Investigation (FBI) alerted the public on April 1 to be cautious of deed fraud, as it is on the rise in the world of scams. This article is great to share with members to ensure they know what to look for and how to stay safe.

Downeast CU and Insurance successfully completed the first season of its Downeast Dunkers program, raising over $23,000 for five Maine schools throughout the basketball season. Participating schools included Calais Middle/High School, Machias Memorial High School, Mount View High School, Richmond Middle/High School, and Washington Academy.

WABI-TV was at Cony High School on Tuesday during the KV Chapter of Credit Union’s Financial Fitness Fair. The event was enthusiastically staffed by credit union employees from across the region and showcased the benefits of teaching young adults how to manage their finances.