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Elise M. Baldacci
Lawmakers are back in Augusta and Washington, D.C., and the Maine Credit Union League is already hard at work advocating on behalf of credit unions. The League is fully engaged to ensure your voice and interests are clearly represented as key policy discussions get underway.
One of the most pressing issues facing our movement is unfolding in our nation’s capital. Last week, the Trump Administration proposed limiting credit card interest rates to 10 percent for one year. While our industry appreciates the Administration’s interest in exploring solutions to ease the financial pressures facing American families, we do not believe this proposal would result in a lasting or meaningful benefit for our members and American consumers.
A blunt interest rate cap—even when well-intentioned—could significantly limit access to affordable credit, particularly for members with higher-risk credit profiles. If responsible lenders like credit unions are unable to price for risk, consumers may face fewer options or be denied access to credit they would otherwise qualify for under current market conditions. It is critical that policymakers understand these real-world implications before moving forward.
To help ensure Maine’s congressional delegation hears directly from local credit union leadership, I encourage all of you to engage through America’s Credit Unions’ Grassroots Action Center. The perspective of Maine credit union leaders remains one of the most powerful and credible voices lawmakers can hear right now.
On a related note, after Sens. Roger Marshall, R-Kansas, and Dick Durbin, D-Ill., supported the move to cap credit card interest rates, President Trump endorsed their Credit Card Competition Act on social media. The measure, introduced earlier this week, would mandate changes to the credit card system that would benefit large retailers while leading to greater data security risks and less access to credit for consumers. Our partners at America’s Credit Unions responded swiftly and are working to address this issue with members of Congress.
On the regulatory side, the National Credit Union Administration (NCUA) recently announced its third round of deregulation proposals. If you are interested in submitting comments, you can do so by entering the relevant docket numbers in the search tool on the Federal Rulemaking Portal.
I also want to take this opportunity to remind you about the League’s new partnership with ViClarity, designed to support your compliance needs. Through this partnership, Maine credit unions receive exclusive access to robust compliance tools and expert support. To create your free ViClarity account—or to have a member of your compliance team do so—please email mcul@viclarityus.com. You may also reach the Compliance Hotline at 833.670.4617.
Here at home, lawmakers are considering a full slate of bills in Augusta, and League staff have been actively engaged at the State House since the start of the legislative session. Last week, Jen Burke testified in support of LD 2040, An Act to Survey Food Insecurity in Maine. On Tuesday and Wednesday, our team returned to Augusta to voice strong support for LD 2072, a department bill from the Bureau of Financial Institutions that the League offered a “friendly amendment” to. The next day, the League participated in the work session for LD 1444, a bill that we strongly oppose, which would reinstitute the so-called “free house” standard in the Maine foreclosure process. Looking ahead to next week, the League team will testify in support of LD 2061, An Act to Clarify the Prohibition on Paper Billing Statement Fees—legislation the League helped to draft.
If you are not already receiving the League’s weekly Advocacy Update, prepared by our Governmental Affairs team, I encourage you to sign up for these timely and informative summaries. Please contact Jared Gay (jgay@mainecul.org) or Ethan Barber (ebarber@mainecul.org) to add your name to our distribution list.
Credit union advocacy remains one of our highest priorities. While the pace is busy, we are grateful for the opportunity to represent Maine credit unions before state and federal policymakers. Having a unified credit union voice in Maine is something we do not take for granted as it is key to advancing our shared goals.