Maine Credit Union League Weekly Update

Have you made a contribution to our $100,000 Challenge? June is more than halfway done, which means we’ve got less than two weeks to reach our fundraising goal to benefit Good Shepherd Food Bank and local food pantries.

Each year, the League invites credit union officials and staff to serve on one of our nine committees. If you are interested in serving on a committee, please sign up to volunteer by July 16.

In conjunction with the Annual Convention and the Ending Hunger Golf Tournament, the League will be hosting an online auction to benefit Maine Credit Unions’ Campaign for Ending Hunger. Your credit union can support our auction and the Campaign by donating an item.

Atlantic FCU is proud to recognize Luke Cheseldine from Brunswick High School as the $10,000 Atlantic College Scholarship recipient. In addition to Luke’s scholarship, Atlantic FCU awarded an additional $10,000 in scholarships to four students graduating from Massabesic, Sanford, and Freeport High Schools.

Five graduating high school seniors were recently awarded scholarships of $500 each from OTIS FCU. The recipients include graduates from Spruce Mountain High School, Dirigo High School, and Mt. Blue High School.

Infinity CU is pleased to introduce and welcome Nicki Bean as its new Senior Marketing Specialist. Bean brings 15 years of sales & marketing experience with her to the credit union.

The May 2021 CU Trends Report is now available. This monthly report, published and distributed by CUNA Mutual Group’s Director and Chief Economist Steven Rick, provides a review and analysis of recent credit union financial performance and operational results.

The League is continuing to monitor all legislative activity during the final days of the Legislature’s session and is planning to provide a full review during the Credit Union Town Hall on July 12. In the meantime, however, the League’s Governmental Affairs team would like to share some important updates about activity that occurred this week.

Topics in this week’s edition include:

• Cannabis and Hemp-Related Accounts
• Elder Financial Exploitation Training
• CFPB Issues Interpretive Rule on Authority to Resume MLA Exams
• CFPB Reg E FAQs on Unauthorized EFTs
• CFPB Spring 2021 Rulemaking Agenda
• New American Rescue Plan FAQs from the IRS