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Predatory Lending in the Digital World – Using Data to Help Members
The digital transformation of the lending landscape has great benefits, but it has also opened the door to predatory lending practices. This article from TruStage™ points out how credit unions, with their member-centric approach, are well-positioned to leverage data to help protect their members from falling victim to predatory loans.
NCUA Board Approves Final Rule on Financial Innovation
The NCUA Board held its eighth open meeting of 2023 and unanimously approved a final rule that amends the NCUA’s regulations regarding indirect lending, the purchase of loan participations, and the purchase, sale, and pledge of eligible obligations and notes of liquidating credit unions.
2023 Fall CUREN Conference Registration Is Open
Registration is now open for the New England 2023 Credit Union Real Estate Network (CUREN) Conference taking place on October 19 at Service CU in Portsmouth. The event will focus on innovation and ways to rethink and solve problems.
The League Joins Atlantic FCU in Mourning the Passing of Chanel Coulombe
The League joins Atlantic FCU, their employees, and volunteers in mourning the passing of Chanel Robert Coulombe. Chanel served on the Board of Directors for Atlantic FCU (formerly St. John’s) for more than 32 years. He and his wife, Rita, also worked for the credit union for a brief period during their retirement. Most recently, Chanel was considered a Director Emeritus of Atlantic FCU due to the length and distinction of his service as a volunteer.
InfoSight eNewsletter
Topics in this week’s InfoSight newsletter include:
- Issues Guidance on Credit Denials by Lenders Using Artificial Intelligence
- Truth in Lending (Regulation Z) Annual Threshold Adjustments
- CFPB Report Finds College Tuition Payment Plans Can Put Student Borrowers at Risk
- NCUA Releases Q2 2023 State-Level Credit Union Data Report
InfoSight is FREE to League credit union employees as a benefit to membership and provides state and federal compliance and operations resources.
Trademark FCU Recognized with Notable Workplace Honors
Trademark FCU has been recognized with some very special distinctions this year. In addition to being included on the Best Places to Work in Maine list, the credit union has been honored with an Inclusive Workplace award and a Best Credit Unions to Work For award.
Maine Credit Unions’ Campaign for Ending Hunger Presents Check to The Barbara Bush Children’s Hospital
Maine Credit Unions’ Campaign for Ending Hunger visited The Barbara Bush Children’s Hospital on Thursday to present a check for $14,000 to support the hospital’s efforts to assist food insecure patients and their families. The donation was made possible thanks to contributions made on behalf of the League and sixteen credit unions.
Casco FCU Renews with Synergent to Host Jack Henry’s Symitar Core Processing Solution
Synergent is pleased to announce that Casco FCU has signed a new ten-year agreement with Synergent for hosted Jack Henry™ Symitar® core processing. The credit union also agreed to a new five-year term for Synergent to deliver additional service solutions through Jack Henry, including Banno Digital Platform™ and Remote Deposit Capture.
Join Us in Westbrook Next Month for a Marketing Council Workshop
The Maine Credit Union Marketing Council will be hosting an in-person workshop on Wednesday, October 18 from 8:30 am – 2:30 pm at the Credit Union Service Center. The event will feature three industry experts: Hilary Reed, Felicia Knight, and Abbie McGilvery.
Federal Legislative Updates
With a federal shutdown looming, Senators Durbin and Marshall are threatening to oppose all government spending proposals that do not contain the Credit Card Competition Act (CCCA) as an amendment. This is the ‘Durbin 2.0’ Big Box Bailout bill that will cap interchange rates for credit cards and benefit large retailers at the expense of credit unions and consumers.
Maine Savings Fundraises for Cancer Research and Care
Maine Savings FCU employees turned out in a big way to help fight cancer. The credit union assembled a team of 68 to participate in the 2023 Champion the Cure Challenge in Brewer. The team included walkers, runners, and volunteers. Collectively, Maine Savings FCU raised $5,881.18!
Open Comment Period - Electronic Lien Titling Program
The Bureau of Motor Vehicles has made public the draft rule for the Electronic Lien Titling Program. An overview of the program was discussed during the League’s Credit Union Town Hall last month. As part of the rulemaking process, the public can provide comments concerning the Bureau’s proposal until September 29 at 5:00 pm.