Maine Credit Union League Weekly Update

In this week’s message to credit unions, League President/CEO Todd Mason discusses the importance of our shared credit union values.

Mainebiz connects with Todd Mason and Town & Country FCU President and CEO David Libby about their predictions and priorities for 2021. The article also features industry insights from Maine bank representatives.

The Small Business Administration’s Paycheck Protection Program reopened on Monday. For those credit unions offering these loans, the SBA has issued guidance to help financial institutions administer the latest round of funding.

The Internal Revenue Service has issued its 2021 optional standard mileage rates. The new rate is down 1.5 cents from the rate established for 2020.

Topics in this week’s edition include:

• 2021 Compliance Calendar
• Stimulus Funds are Here
• Verifying Stimulus Payments
• SBA and Treasury Announce PPP Re-Opening; Issues New Guidance
• Newly Issued Letters to Credit Unions
• HMDA Filing Platform Open for 2020 Data

The National Credit Union Administration issued three letters to credit unions in the early days of 2021. The letters covered the COVID-19 relief/government funding bill, field of membership conversions, and the 2021 Operating Fee Schedule.

Jake Holmes, the League’s Financial Literacy Outreach Coordinator, summarizes the items you should get in order before you file your 2020 income taxes.

Area students have a new way to learn about managing money. Oxford FCU is working with Banzai, a national award-winning financial literacy program, to make internet-based curriculum available to five schools in Oxford county completely free of charge.

Credit unions from across Maine soon will gather virtually to celebrate our signature social responsibility effort, the Maine Credit Unions’ Campaign for Ending Hunger. Are you registered to attend?

Saco Valley CU has announced a change in organizational structure with a shift for three members of their management team.

Celebrate excellence in credit union human resources and/or organizational development by nominating your credit union or one of your peers for a CUNA HR & Organizational Development Council Award.