Maine Credit Union League Weekly Update

We may be biased, but we think credit unions are pretty special! On this #ILoveMyCreditUnion Day, we are excited to share in the joy and celebration of what makes our industry so great.  From the unwavering love for community to the constant representation of People Helping People, our League can’t wait to see what you all love so much about our movement! 

Olympic fever is in the air and the Maine Credit Unions’ Statewide Awareness Campaign is utilizing the enthusiasm to showcase the value of credit unions to people across Maine. Two new ads will begin running on TV, social media, and over-the-top (OTT) – i.e. YouTube, HULU, etc. – beginning July 26. The ads will run through the Olympics, which ends on August 11.

With the constant uptick in fraudulent activity, our League is dedicated to keeping an eye on the most used and newest scams across our state and within our industry to help keep your credit union and your members safe from loss. As part of this, we frequently create collateral for your credit union to utilize. Just this week, our League developed both a blog and social media assets specific to hotel fraud.

The National Credit Union Foundation is inviting credit unions to join them in addressing a critical issue: the financial education needs of over 400,000 children and youth in foster care. These individuals face unique challenges, including a higher risk of identity fraud. If your credit union is interested in helping empower those living in the foster care system with the knowledge and tools to navigate their financial futures successfully, you can take advantage of a special grant opportunity.

Over the course of 2023, OTIS FCU raised nearly $21,000 for Maine Credit Unions’ Campaign for Ending Hunger. The results of the credit union’s hard work were recently distributed back into the community through much-needed financial support to thirteen local food pantries.

The Campaign for Ending Hunger Sweepstakes is underway and nearly half of our League’s credit unions—ranging from southern Maine all the way to The County—have signed up to participate. With one month left to fundraise, it’s not too late to join in on the fun! 

In a recent announcement, the Board of Directors has named Jennifer Andersen as the new Chief Operations Officer of Five County CU, effective June 28, 2024. Andersen has served as a Team Leader, Branch Operations Manager, Training Specialist, and most recently as the VP of Operations. In this expanded role, she will now oversee Human Resources, Branch Operations, and Talent Development.

Four TruChoice FCU employees were recently promoted within the leadership team. Ryan Adams is now Executive Vice President and Chief Financial Officer; Jessica Holland has been promoted to Vice President of Member Experience; Kaj Johanson to Vice President of Lending; and Lisa Rowley to Vice President of Planning & Project Management.

Is your credit union leveraging the resources found on InfoSight? If you aren’t, you should! A snapshot of the topics available in this week’s InfoSight newsletter are below.

• LIS Webinar: Cyber Incident Content Review
• FinCEN Seeks Comments on the Information to be Collected from Authorized Recipients Requesting Beneficial Ownership Information
• Interagency Statement on the Issuance of the AML/CFT Program Notices of Proposed Rulemaking
• NCUA Board Approves Proposed Rules on Incentive-based Compensation, Succession Planning
• CFPB Proposes Interpretive Rule to Ensure Workers Know the Costs and Fees of Paycheck Advance Products

In this TruStage™ article, author Benjamin Weismer, Director Product Innovation, highlights how investing in an integration strategy could help streamline the insurance buying journey for your members—making it more accessible and user-friendly.