What a week it has been! From a morning on the greens to end hunger on Wednesday to day one of Elevate 2025, the networking, learning, and celebration of Maine’s vibrant credit union network has been on full display. Day two promises just as much excitement, featuring a timely session on fraud and presentations from Tamra Gaines and Simon Bailey.

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This edition of the Compliance Blog details the risks of “pig butchering”—a rising cryptocurrency investment scam. In these schemes, scammers communicate with victims over time to establish trust and build what appears to be a friendship or romantic relationship, then introduce them to a supposedly lucrative crypto-investment opportunity. Once the victim is unable or unwilling to invest any more money, the scammer will cease communication and take the victim’s entire “investment” with them.

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Mark your calendars. Our friends at the Illinois Credit Union League are bringing back #ILoveMyCreditUnion Day—a nationwide celebration of the credit union difference! This year’s event will be taking place on July 25. We hope you will join our League and others in our movement in participating in this social media blitz to demonstrate why belonging to a credit union is so special.

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Cars, food, a great cause, and—hopefully—some sunshine make for the perfect way to spend a Saturday. So mark your calendars and join the team from New Dimensions FCU on June 7 as they bring back their annual Cruisin’ for a Cause Car Show to benefit the Maine Children’s Cancer Program. The show will begin at 10:00 am and run until 2:00 pm at the Robert Lafleur Airport in Waterville.

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During its Annual Meeting on May 2, CU Insurance Solutions recognized two credit unions that went above and beyond in their fundraising efforts to support an organization that is deeply meaningful in our movement. Capitol Area FCU and Five County CU were honored as this year’s top fundraisers for Special Olympics Maine.

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Have you been wondering how your credit union and the League work together? Do you understand how Synergent is connected to the League? Whether you are new to the credit union movement or have been working in the system for awhile, CU Orientation has something for everyone. This event is a great opportunity to get these and other questions answered—all while networking with your colleagues from other credit unions.

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Cumberland County FCU is excited to announce the expansion of its field of membership to now include nine counties across Maine. Effective immediately, residents, employees, and students in the following counties are eligible to join the credit union: Androscoggin, Cumberland, Franklin, Kennebec, Lincoln, Oxford, Sagadahoc, Somerset, and York.

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The National Credit Union Foundation invites you to honor the trailblazers of our movement—the organizations, programs, and individuals making a real impact on people’s financial lives—by nominating them for a prestigious Herb Wegner Memorial Award.

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TruStage™ is pleased to announce its 2024 Annual Report is now available to credit unions. This comprehensive report provides an in-depth look at the company’s performance over the past year. It also helps credit unions gain a deeper understanding of TruStage’s key achievements, major milestones, and strategic initiatives through 2024.

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As the calendar turns to May, the Legislature continues to work at a feverish pace to conclude their committee work. Following last week’s progress on the League’s Appraisers bill, two other bills held their work sessions.  

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Jim Lemieux, President and CEO of Sebasticook Valley FCU, reminds people to keep Main Street in mind during National Small Business Week, which runs through May 10. His commentary appeared in the May 8 edition of the Kennebec Journal.

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The small business lending data collection rule, finalized in March 2023, requires covered financial institutions to collect and report data in connection with applications for credit received from a small business. The rule has been tied up in litigation since its issuance and is currently paused by the 5^th Circuit Court of Appeals for members of America’s Credit Unions (ACU) and the American Bankers Association.

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