Maine Credit Union League Weekly Update

The League is pleased to announce it has endorsed Governor Janet T. Mills in the upcoming race for Governor. The League’s Board of Directors voted unanimously to approve her endorsement at a special meeting held earlier this month.

Steve Roy, President/CEO of Tricorp FCU, is celebrating an important milestone this week: 40 years of dedicated service to the People Helping People industry and Maine’s credit union movement. On behalf of the League and Tricorp FCU’s Board of Directors, we extend our congratulations to Steve on his special anniversary.

Maine Credit Unions’ Campaign for Ending Hunger has been selected to be a part of Hannaford’s Fight Hunger bag program. The Campaign will receive a $1 donation for every $2.50 Fight Hunger Bag sold at Hannaford Supermarket’s Bangor location on Broadway Street during the month of October.

It’s time to lace up your bowling shoes! Dirigo FCU is once again hosting its Bowl to End Hunger Tournament on October 9 at Just-In-Time Recreation in Lewiston. If you have a few hours to spare, please consider forming a team and joining your credit union colleagues on the lanes to benefit Maine Credit Unions’ Campaign for Ending Hunger.

Three Maine credit union employees have earned their Certified Credit Union Executive designation through the CUNA Management School. The distinguished employees include Jessica Cary, AVP Loan Servicing & Payments Operations at Infinity CU; Daniel Dallaire, Chief Operating Officer at PeopleChoice CU; and Darice Roy, Vice President at OTIS FCU.

On October 25, the League will be hosting its Credit Union Orientation program. This free event provides credit union employees an opportunity to network and learn more about how the League, Synergent, and our partners work together to help credit unions succeed.

The NCUA issued a letter to federally insured credit unions announcing that the agency will be entering the third phase of resuming its onsite operations on October 17, 2022. The agency also released state-level reporting data for the second quarter of 2022. NCUA’s Quarterly U.S. Map Review highlights that federally insured credit unions have experienced continued growth in assets, shares, deposits, and loans.

Topics in this week’s edition include:

• NCUA Releases Q2 2022 State-Level Credit Union Data Report
• CFPB Study Details the Rapid Growth of “Buy Now, Pay Later” Lending
• FOM Modernization Bill Introduced in Senate

If your vehicle were to ever be totaled or stolen, finding out you owe more on the vehicle than it’s worth would make an unfortunate situation ever worse. This edition of the Financial Literacy Blog explores the benefits of gap insurance and why this type of coverage makes smart financial sense for many! The Financial Literacy Blog is a great resource to share with your members.