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Representing the credit union voice in policy discussions remains a top priority as lawmakers in Augusta and Washington, DC, continue work on key issues impacting our industry. With the Maine Legislature nearing the end of its session and Congress actively considering several pieces of legislation, our advocacy efforts are operating at full throttle to ensure credit unions are heard and supported.
Capitol Hill Activity
Earlier this week, our League joined America’s Credit Unions, the American Association of Credit Union Leagues, and leagues from across the country in signing a letter to Senators Thune and Schumer outlining the value of the credit union tax status. The letter urges these leaders to protect the credit union tax exemption in any bill the Senate passes.
Our League also is preparing a letter to Senators Collins and King that expresses our strong support for the Community Development Financial Institutions (CDFI) Fund and urges them to endorse full funding of the Fund in the Fiscal Year 2026 federal budget. Any reduction in support would disproportionately harm distressed communities and the hardworking individuals who call them home, especially here in Maine.
While our industry scored a victory in preventing the Credit Card Competition Act (CCCA) from being included in the GENIUS Act, ongoing advocacy, engagement, and education surrounding interchange fees must remain a critical part of our legislative strategy. We expect Senator Marshall may try to add CCCA language as an amendment to another bill—perhaps the National Defense Authorization Act (NDAA). Our League will keep credit unions apprised as we continue monitoring this issue.
The View from Augusta
The Legislature has been working well into the evening hours to consider the bills that remain on the table. LD 1339, an emergency bill to regulate virtual currency kiosks, was enacted by both the House and Senate. This bill requires licensing of virtual currency kiosk operators, caps fees, limits transactions per customer, requires certain disclosures, and provides a process to refund customers for fraudulent or abusive transactions. Advocates for this bill hope it will reduce the amount of fraud and money laundering transacted through virtual currency kiosks. As emergency legislation, this bill will go into effect as soon as it is signed by Governor Mills.
LD 1445, An Act to Prevent Financial Exploitation of Vulnerable Adults, was signed by Governor Mills on June 9. This important legislation allows financial institutions to pause transactions for older and vulnerable adults when financial exploitation is suspected. The law allows financial institutions to establish policies and procedures to pause a transaction and report it to law enforcement and the Attorney General. The bill also includes language around trusted contacts. LD 1445 had the backing of our League, Maine Bankers Association, Maine AARP, and Legal Services for Maine Elders. The law will go into effect 90 days after the adjournment of the Legislature.
An amended version of LD 863 became law this week without the Governor’s signature. The bill, introduced as An Act to Exempt Internet Raffles Conducted by Certain Organizations with Prizes of $2,500 or Less from Registration and Licensing Requirements, was amended with both a title change and language changes. The amendment authorizes a person or organization conducting a raffle that is not internet-based to use one of the payment management systems approved by the Executive Director of the Gambling Control Unit. As this bill was enacted in an emergency posture, the bill was effective immediately and is current law. Credit unions should consult with legal counsel regarding changes to their raffle procedures.
LD 1069, Resolve, Directing the Department of Education to Review Personal Finance Course Offerings in Maine Schools and Implement a Teacher Training Program, passed the House and is expected to pass the Senate. The League testified in support of this bill earlier this year when its title was An Act to Require Personal Finance to Be Taught as a Separate Course in Order for a Student to Obtain a High School Diploma. The bill was amended in committee, changing its name and requiring the Department of Education to administer a survey to collect data and information on the status of personal finance education in Maine schools. The Department will convene a working group in January 2026 to develop recommendations—including any necessary teacher trainings—based on the survey findings.
Lastly, LD 1444, An Act to Prevent Foreclosures Without Strict Compliance with Notice Requirements, commonly referred to as the “free house” bill, still has not been released to the full Legislature. As the Legislature moves closer to adjourning, the League will continue to keep credit unions apprised of actions that may impact them moving forward—including this bill. If you have questions concerning our advocacy efforts, please contact League President Elise Baldacci.