Topics in this week’s edition include:

• CECL Resources
• CFPB Supervisory Examinations Find Credit Reporting Failures, Junk Fees, and Mishandling of COVID-19 Protections
• Share Insurance Fund Reports Strong Performance in the Third Quarter
• Using CFPB-Complaint Data to Help Cities and Counties Protect the Public

InfoSight is FREE to League CU employees as a benefit to membership and provides state and federal compliance and operations resources. Click here to request a login.

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The season of giving is upon us, and credit unions found numerous ways to give back to their communities last month. From efforts to support Special Olympics Maine and the Campaign for Ending Hunger to gift drives and Thanksgiving fun, People Helping People remained at the focus of what Maine credit unions do. The League provides a snapshot of what some of our credit unions were up to in November.

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NorState FCU and its Board of Directors have announced the retirement of Susan G. Whitehead. During her 34 years with NorState FCU, Sue has held various positions and has spent the last nine years as President/CEO.

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Earlier this week, a fraudulent Shared Branching transaction impacted a local credit union. What transpired in Maine is also happening outside our borders. Because we want to prevent fraud from impacting you and your members, we are sharing information about this latest scheme and encourage you to alert your staff about this activity.

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CUNA is working with Leagues like ours to ensure interchange regulation is not extended to credit card programs. To assist with our collaborative advocacy efforts, CUNA is conducting a survey that we hope your credit union will participate in.

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​The Canadian Pacific (CP) Holiday Train visited Brownville Junction on November 23 for its first cross-continent tour in three years. Representatives from Maine Highlands FCU were in attendance to support the cause, partake in the festivities, and donate to Dyer’s Hope House Food Pantry.

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Evergreen CU recently received the Lender at Work for Maine Award by the Finance Authority of Maine (FAME) in a category for lenders with less than $1.5 billion in assets.

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Just in time for the new year, the League will be delivering two compliance webinars for credit unions this month to discuss Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) and Regulation E. Secure your virtual spot by registering for these sessions on the League’s website.

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Eastmill FCU has named Derek Hebert as its new President and CEO. His background  includes 24 years in relationship and branch management roles at other financial institutions.

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CUNA Mutual Group has released its Winter 2022 Report for credit unions. This timely report can be shared at chapter and credit union meetings.

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With Thanksgiving only six days away, the Campaign for Ending Hunger Holiday Meals for Mainers initiative is officially underway. The effort encourages people to make a $5 donation to the Campaign to help provide the gift of a holiday meal this season to someone in need. In addition to raising funds—money credit unions can use to contribute to local food pantries—the initiative raises awareness about hunger and the difficult choices individuals and families face due to limited resources.

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Because the beginning of any legislative session requires significant lead time and preparation, the decision to appoint legislative leaders is one of the first actions taken following the election. Now that those decisions have been made, the League provides an update on the new leadership teams in Augusta.

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