Another Busy Week for the League’s Governmental Affairs Team

Following a successful week in Washington, DC, for the CUNA GAC, the League’s Governmental Affairs team spent time in Augusta advocating on behalf of Maine’s credit unions. The League testified on two different bills—one regarding data sharing with the federal government (LD 676) and the other regarding minor banking services in Maine (LD 752). The testimony presented for both bills highlighted the credit union difference and our movement’s deep commitment to the financial well-being of our members.  

For testimony in opposition to LD 676, An Act to Protect Financial Privacy, Krista Simonis, League Director of Governmental Affairs, shared how Maine’s credit unions care deeply about members and their financial privacy.

“Making sure members have trusted financial partners that protect their information from fraudsters, third party institutions, or government overreach is of paramount importance in building and maintaining trust with our members…LD 676 would not further protect Mainers.”

The League was joined by Maine Revenue Services, the Bureau of Financial Institutions, and the Maine Bankers Association in opposing LD 676. The committee work session has been schedule for next week.  

LD 752, An Act to Expand Access to Banking Services for Minors, is very well-intentioned. The bill aims to assist minors, who lack a trustworthy guardian in their life, open and maintain individual accounts.

During testimony on LD 752, Ellen Parent, League Director of Compliance, discussed how our credit unions already work with minors to ensure they have access to safe accounts that protect both the minor and the credit union. The League is advocating for the bill to be amended so credit unions can continue offering these accounts when it is in both parties’ best interests. The League does not support a new mandated requirement.   

To wrap up the week, the Governmental Affairs team was in Bangor on Thursday evening to host a Legislator Meet and Greet. During the event, area credit unions met with their local legislators to discuss issues facing credit unions.