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Upon learning that total membership of Maine credit unions now stands at more than 651,000, both Senators Collins and King said, "Amazing," in unison as they listened to Maine Credit Union League President John Murphy's opening remarks at the League's Annual Breakfast with Maine's Congressional Delegation on Capitol Hill in Washington, D.C. The Tuesday, March 10, breakfast was attended by more than 70 credit union representatives and guests from Maine's credit unions, both Senators, and staff from Congresswoman Pingree and Congressman Poliquin's office. Because the House was not in session, Reps Pingree and Poliquin were not in town. Although Maine's Delegation consists of two Republicans, one Democrat and an Independent, all were unanimous in their "praise for the involvement, work and commitment of Maine's credit unions."
Speaking before the packed crowd, Senator Collins, Maine's senior member of the Delegation, said, "As a credit union member myself, I recognize the benefits that credit unions provide to their members. Just the fact that individuals who use credit unions are called members represents the focus and vision that credit unions put on service. While banks are about profits, credit unions are about serving their members." Senator Collins covered a variety of topics including her continued support for raising the cap on member business lending, and her renewed and ongoing focus on elder financial abuse. "Thank you to Maine's credit unions for all of your efforts working to prevent elder financial abuse, and for your leadership and work in developing the Senior$afe program. Financial exploitation is a growing problem and credit unions are on the front-line of making a difference." She also expressed her appreciation in advance to your League for arranging for Rob Carmichael, SVP of HR at Maine Savings FCU, to testify before the Senate Special Committee on Aging. "As Chair, I especially appreciate Rob agreeing to testify, and look forward to hearing from him."
Senator King also had high praise for the work of Maine's credit unions. "Credit unions are people who care and that makes a difference in your communities. I also want to thank the League for doing a great job of staying in touch with my office and bringing matters to our attention. That is how the IOLTA legislation passed, a result of communications working to solve issues. I would also like to see something done on data security as I know the impact that this is having on financial institutions and consumers. This is a big problem that needs a solution. I appreciate all of the information that the League has provided on the financial cost that breaches have caused to Maine credit unions in the past year." The Senator asked Maine credit unions to continue to provide feedback, and reach out to his office on issues that are important.
While Congresswoman Pingree and Congressman Poliquin were back in Maine doing district work, members of their staff did make brief remarks in their absence. Joe Marro, who serves as Congresswoman Pingree's Legislative Assistant on Financial Services, said, "Congresswoman Pingree recognizes all of the great work that credit unions do for their members and their communities. She wants to help credit unions do more, and will continue to look for ways she can help. Congresswoman Pingree regrets missing this event, as she appreciates so many credit union representatives coming to Washington to discuss issues." Phillip Swartzfager, a D.C. veteran now working as the Legislative Assistant for Financial Services for Congressman Poliquin, echoed previous remarks about the "good work of credit unions. Congressman Poliquin, who serves on the House Financial Services Committee, is particularly interested in reducing the number of regulations that make it more difficult for financial institutions to operate. When Director Cordray of the Consumer Financial Protection Bureau (CFPB) appeared before the Committee recently, Congressman Poliquin focused a great deal of his questioning on the Qualified Mortgage (QM) rule, and the negative impact it is having. We want to help you do what you need to do by making the regulatory environment more conducive to do so."
Your League's President John Murphy said the Breakfast once again provided an occasion "to thank our Congressional Delegation for their support, and to tell our story to the Delegation and their staff. It was great to have more than 70 attendees from Maine's credit unions participate in this event. It reinforces the strong grassroots network of credit unions, and our willingness to get involved in legislative activities."