Maine Credit Union League Weekly Update

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.

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.

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.

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.

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

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.

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 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.

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.

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.