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Atlantic Foundation Now Accepting Applications for $20,000 in College Scholarships
The 2023 Atlantic FCU Foundation College Scholarship Program is now accepting applications. The program aims to recognize outstanding high school graduates, while also reducing their financial burdens for college.
InfoSight eNewsletter
Topics in this week’s InfoSight newsletter include:
- Elder/Vulnerable Adult Protections
- NCUA Board Extends Loan Interest Rate Ceiling
- CFPB Proposes Rule to Rein in Excessive Credit Card Late Fees
- New Issue of Consumer Compliance Outlook is Released
InfoSight is FREE to League CU employees as a benefit to membership and provides state and federal compliance and operations resources. Click here to request an account login.
CU News & Events - January Edition
The cold of January did not stop Maine’s credit unions from warming the hearts of their communities! From fundraisers for charity to scholarships for students choosing to continue their education, credit unions continued to find ways to wow. Our League offers a snapshot of what some of our credit unions were up to last month.
Board Modernization Bill Passes in the U.S. House
On Monday evening, the Credit Union Board Modernization Act passed through the U.S. House unanimously by voice vote. The act would reduce the board meeting requirement for well-run credit unions from twelve per year to six.
Preventing Tax Identity Theft
As taxpayers begin thinking about filing their 2022 returns, fraudsters are looking for ways to steal their information. This edition of the Financial Literacy Blog provides timely tips to help individuals guard against tax identity theft.
Fed, White House Work To Mitigate Crypto Risks in Financial System
The Federal Reserve and White House offered insights into how they are working to mitigate cryptocurrency risks in the financial system with several releases this past Friday.
OTIS FCU Returns $277,759.57 to Members with Bonus Dividend and Interest Refund
OTIS FCU is pleased to announce that it posted a 5% bonus dividend and interest refund on January 1, 2023, resulting in a total of $277,759.57 paid out to members for the year 2022.
Maine Family FCU Promotes Shantel Fournier to AVP of Mortgages and Member Business Lending
Maine Family FCU is pleased to announce it has appointed Shantel Fournier as the new AVP of Mortgages and Member Business Lending. Prior to her promotion, she served as the credit union’s Mortgage Loan Originator.
Governor Mills Announces First Round of $450 Energy Relief Payments Are In The Mail
Governor Janet Mills announced that the first round of $450 winter energy relief payments are being mailed to eligible Maine taxpayers on Monday. Maine Revenue Services will issue an estimated 200,000 checks per week beginning next week, with the vast majority of qualifying Maine people expected to receive their payment by the end of March.
NCUA Board Keeps 18% Loan Cap, at Least for Now
The NCUA board agreed at its monthly meeting last Thursday to maintain the 18% loan interest rate cap, but asked staff to investigate whether the agency could adopt a floating rate cap. The issue will be revisited at the April board meeting following that investigation.
UCU Promotes Cody Faloon to Business Services Manager
University Credit Union (UCU) is pleased to announce the promotion of Cody Faloon to Business Services Manager. Faloon will travel across the state to serve UCU’s business members and provide tailored financial solutions for launching, running, and growing their businesses.
The Social Responsibility Awards Application Portal Is Now Open
Our League would like to recognize how your credit union is improving the financial lives of your members through community service, financial education, and innovation. We have opened the application portal for our state Dora Maxwell, Louise Herring, and Desjardins Awards. The winners of these prestigious awards will be recognized at the League’s Annual Convention in May.