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Northeast CU Gives More Than $21,000 to Nonprofit Organizations
Northeast CU concluded 2022 with a unique campaign to carry out its mission and empower their members to give back. Through the Pay It Forward initiative, the credit union designated a percentage of every dollar charged on a Northeast CU credit card during the months of November and December to one of three charities.
InfoSight eNewsletter
Topics in this week’s InfoSight newsletter include:
- Account Insurance Estimator Webinar
- Upcoming Policy Revisions – CU PolicyPro
- NCUA Board Approves Final Subordinated Debt Rule to Support ECIP Participation
- 2022 HMDA Data on Mortgage Lending Now Available
- CFPB Enhances Tool to Promote Competition and Comparison Shopping in Credit Card Market
InfoSight is FREE to League credit union employees as a benefit to membership and provides state and federal compliance and operations resources.
Reminder: Credit Union Marketing Council Workshop - April 4
The Maine Credit Union Marketing Council will be hosting an in-person, half-day workshop on April 4, from 8:30 am – 1:00 pm at the Credit Union Service Center in Westbrook. Jeff Rendel, President of Rising Above Enterprises, and John Paglio, Digital Marketing Manager at flyte new media, will facilitate sessions covering the evolution of marketing and will take a deeper dive into GA4.
Account Insurance Estimator Now Available Free of Charge
As League members, credit unions have access to a new resource. The Account Insurance Estimator (AIE) from League InfoSight is now available free of charge. By using the unique AIE tool, credit unions are able to easily calculate the amount of insurance coverage for members and provide an opportunity for members to structure their beneficiaries and accounts to maximize their coverage for deposits over $250,000.
Two Well-Known Credit Unions Merge to Expand Services to Underserved Farms and Food Businesses in Maine
Five County CU has announced the creation of Maine Harvest Solutions, a new department offering specialized financial services to farmers and food entrepreneurs—a historically underbanked sector in the United States.
NCUA Amends Its Rules to Expand Access to Subordinated Debt
The National Credit Union Administration is expanding term limits and simplifying language to enable low-income designated institutions to maintain access to subordinated debt. At the agency’s monthly board meeting last week, the officials present unanimously approved amendments to the NCUA’s 2020 rule on subordinated debt that raise the maximum maturity ceiling on issued notes from 20 years to 30 years. Subordinated debt is categorized as higher-risk notes that are paid out last in the event that the organization issuing them declares bankruptcy.
League Has Busy Week in Augusta
It has been a productive week in Augusta for advocacy. The League hosted its first Legislative Shadow Day of the year at the State House. In addition, the League provided testimony for two important pieces of legislation—LD 440 and LD 788.
Oxford FCU Protects Member from Fraud Thanks to AARP BankSafe Training
It’s no secret that fraud is on the rise. Luckily, there are courses and trainings available, such as AARP’s BankSafe online training program, to teach financial professionals how best to assist their members in meeting privacy and security needs. The Service Team at Oxford FCU recently completed this AARP training and was quickly able to put what they learned into action.
Deceiving Mailers May Be Tricking Credit Union Members
Credit unions and members alike are constantly keeping their eyes peeled for any fraudulent attempts to steal personal information. Katahdin FCU recently began noticing an influx in calls from members about illegitimate mailers appearing to come from the credit union.
Synergent Thanks Its Credit Union Partners with Rebate
For the 16th consecutive year, Synergent has provided a rebate to its credit union partners. Totaling $750,000, the rebates were approved by Synergent’s Board of Directors and Senior Leadership Team as a way to express their thanks and appreciation.
NCUA Releases 2022 Annual Report
The National Credit Union Administration released its 2022 Annual Report, highlighting the agency’s activities, policy initiatives, and accomplishments for the past year.
Atlantic FCU Opens New Westbrook Branch
Atlantic FCU is proud to announce the opening of its newest branch in Westbrook, located at the corner of Larrabee Road and Riverside Street. The new Westbrook location offers members easy access to banking services with three drive-through lanes equipped with ATMs and Video Teller technology.