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Maine State CU hosted a CEO roundtable event for all credit union CEOs in the Kennebec Chapter of Credit Unions at its Augusta location. At the event, they discussed many financial and regulatory issues facing small financial organizations, like credit unions, and how they can collaborate and share best practices.
“Credit unions by nature are collaborative,” said Kelley Carter, EVP of Sebasticook Valley FCU. “It was nice to get together, network, and share ideas and best practices around some of the issues facing credit unions these days, such as an increase in fraud, cybersecurity threats, and tighter regulatory reporting requirements.”
Credit unions are essential for the success of smaller communities in Maine. Many towns have been faced with a decrease in population and an increase in hardships and unemployment as inflation continues to rise. These people seek help and guidance from their credit union to help with basic financial education, such as budgeting and retirement savings.
Most credit union CEOs encounter similar challenges, including aging memberships, difficulty finding qualified employees, and increased fraudulent activities and reporting requirements. The CEO event provided an opportunity for collaboration, knowledge sharing, and best practice exchange among CEOs facing similar issues and problems.
“We were happy to host the event and plan to make this recurring,” said Stephen Wallace, President and CEO at Maine State CU. “There is a lot of uncertainty in the world today, and as leaders of credit unions, we must provide a place to help our members be successful, and by sharing knowledge and best practices with each other, we will.”