Content in this week’s newsletter includes:

• InfoSight360 Launch Update
• FinCEN Guts Beneficial Ownership Reporting Requirements Under the CTA
• Social Security Announces Cost Reduction and Enhancements Plan
• FinCEN Issues Southwest Border Geographic Targeting Order
• FinCEN Beneficial Ownership Information Reporting Requirement Revision and Deadline Extension Interim Final Rule

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The Bangor Chapter of Credit Unions is thrilled to announce the return of its Colors for a Cause 5K on May 18, along the beautiful Bangor waterfront. This vibrant, family-friendly event combines fun, fitness, and fundraising in support of Children’s Miracle Network Hospitals. Sign up today and make a difference—one colorful step at a time!

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S&P Global Market Intelligence recently released its list of the 100 Best Performing Credit Unions in the United States. Three Maine credits unions—OTIS FCU, Central Maine FCU, and Oxford FCU—were included in the 2024 ranking, which analyzes financials for the year ending on December 31, 2024.

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April 1 kicks off the start of both Credit Union Youth Month and National Financial Literacy Month, and our League looks forward to seeing all the wonderful ways Maine’s credit unions will engage with their communities! Participating in Credit Union Youth Month is a great way to exemplify why credit unions are different, serving members of all ages across the state simply because it’s the right thing to do. 

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NorState FCU is pleased to announce that it will be carrying on the legacy of the prestigious Cloukey Challenge, a golf tournament that has been raising funds to benefit Special Olympics athletes in Aroostook County. The tournament has long been an important event in the community, raising awareness for local athletes and their achievements.

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Have you ever wondered when planning begins for the League’s Convention and Exhibit Show, now known as Elevate? The answer might surprise you—we start as soon as the previous year’s event ends! With nearly a full year of preparation, Elevate 2025 is shaping up to be an unforgettable experience, and registration is now open.

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For many New Americans, managing money in a new country can feel overwhelming. This edition of the Financial Literacy Blog explains how keeping money in a credit union is one of the safest and smartest financial decisions someone new to this country can make. Credit unions are encouraged to share the Financial Literacy Blog with their members.

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Registration is now open for the 7th Annual Bag Toss Tournament hosted by Cumberland County FCU. The tournament is taking place on Wednesday, June 11 at 33 Elmwood in Westbrook. All proceeds from the event will be donated to the Campaign for Ending Hunger.

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If your credit union is a member of the York County Chapter of CUs, don’t miss your opportunity to network with your peers and hear from League President Elise Baldacci on April 8 at the Credit Union Service Center in Westbrook. The Chapter will be holding its Annual Meeting at 12:30 pm, followed by an educational session led by Baldacci where she will discuss industry trends and Maine’s credit union movement.

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Content in this week’s newsletter includes:

• Old Domain: @leagueinfosight.com; New Domain: @infosight360.com
• NCUA Annual Report
• OFAC Alert! International Cartels Designated as Foreign Terrorist Organizations and Specially Designated Global Terrorists
• Inclusiv Statement on Executive Order Threatening the Elimination of the CDFI Fund
• CU PolicyPro/RecoveryPro system will be unavailable from March 26 to March 30 to prepare for InfoSight360 launch

As a reminder, League InfoSight will distribute a new InfoSight360 newsletter on a monthly basis beginning in April. This communication will focus on best practices for using InfoSight360, content updates, training materials, system updates, etc. The advanced InfoSight360 platform—launching later this quarter—will simplify how credit unions manage compliance, policies, and business continuity planning.

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The Legislature is now approximately halfway through the expected bills for this legislative session. The Governmental Affairs team is currently tracking 16 Priority One bills, 21 Priority Two bills, and 35 Priority Three bills. So far, testimony has been provided on 19 items, including last week’s confirmation hearing for Five County CU’s Mike Foley, who was nominated to serve on the Board of Directors for the Finance Authority of Maine (FAME). 

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TruStage™ has issued its latest edition of their monthly CU Trends Report. The report is published and distributed by Steven Rick, TruStage Director and Chief Economist, and provides a “pulse check” on the state of the credit union marketplace. Data analyzed from December 2024 predicts loan balances are expected to grow.

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