The League’s Governmental Affairs team provides an update on titling concerns and delays, the newly formed Electronic Titling Working Group, and the federal infrastructure package that Congress approved last week.

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The latest Financial Literacy Blog explores the benefits of shopping around to secure the best interest rate when taking out a loan.

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CUNA’s National Awards Committee has announced the 2021 recipients of the Dora Maxwell Social Responsibility Community Service Award, the Louise Herring Philosophy-in-Action Member Service Award, and the Desjardins Awards for Financial Education. The Maine Credit Union League and Community CU have been named as award recipients.

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CUNA estimates total balances rise despite declining new car and second-lien real estate loans.

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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 various parts of the NCUA’s regulations to permit low-income designated credit unions, complex credit unions, and new credit unions to issue subordinated debt for purposes of regulatory capital treatment.

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Jere Shaw, VP of Commercial Lending at Evergreen CU, recently joined the Board of Discover Downtown Westbrook. The organization, Maine’s tenth Main Street community, works to make downtown Westbrook a walkable, livable, and thriving destination.

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Business Lending Solutions (BLS), LLC has announced the promotion of Christy Davalli to Senior Vice President. In addition, BLS announced it has brought on two highly qualified lenders to the BLS Commercial Lending team. Amy Sharp and Chris DeMerchant both joins BLS to serve in the roles of VP-Commercial Lending.

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In August, President Biden announced a vaccination mandate for private employers with more than 100 employees, but no details were provided at the time. Instead, the administration indicated that the Occupational Safety and Health Administration (OSHA) would release the new requirements on a later date. On Thursday, OSHA outlined the requirements under the mandate.

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October was a busy and engaging month for our credit unions. Between fall festivities, Halloween, and International Credit Union Day, there was a flurry of community-based activities and support. When it comes to People Helping People, Maine credit unions never disappoint. The League provides a brief snapshot of what some of our credit unions were up to last month.

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Topics in this week’s edition include:

• New CFPB Guide for Family Members of Elders
• CFPB Director Chopra on Stablecoin
• IRS Issues Additional $510 Million in Refunds
• CFPB Releases Debt Collection Rule Guidance Documents
• NCUA Extends MDI Mentoring Grants Application Deadline to November 14

InfoSight is FREE to League CU employees as a benefit to membership and provides state and federal compliance and operations resources. Information on InfoSight, including overviews of state regulations, are reviewed annually by compliance professionals across the country, including the League’s own Compliance team. Request your login today.

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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 banking experience. This CUInsight article highlights what credit unions can do to attract more Zoomers to their institutions through personalized experiences, customer service, and rewards.

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Registration is open for the League’s virtual Collections Conference featuring attorney Christy Jones. This two-day event, taking place December 1 and 2, will cover the latest changes to laws, regulations, and rulings, as well as topics requested by Maine credit unions.

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