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Lawmakers at both the state and federal levels have been busy considering legislation important to the credit union movement. In Maine, the Legislature is actively working through a number of bills ahead of the conclusion of the First Regular Session. With committees racing to complete their work, activity on the House and Senate floors has been high—and is expected to remain so through adjournment.
State Legislation
This week, several bills the League has been closely monitoring advanced through the legislative process.
On Monday, both the House and Senate passed LD 1377, Resolve to Convene a Working Group to Evaluate Potential Regulation of the Vehicle Towing Industry and the Impact on State Agencies and Other Industries. The League testified in support of this legislation in April and successfully advocated for the inclusion of credit unions in the working group.
On Wednesday, both bodies enacted LD 1514, An Act to Change the Laws Regarding Real Estate Appraisers. The League played an instrumental role in the introduction and passage of this bill, which aims to address Maine’s growing appraisal shortage. Our advocacy on this timely issue will continue as we offer recommendations for new members to serve on the Board of Real Estate Appraisers.
The Senate unanimously voted to send LD 1445, An Act to Prevent Financial Exploitation of Vulnerable Adults, to the Governor’s desk. The House enacted the bill late last week. The League collaborated with Senator Anne Carney on this important legislation, which extends the existing “stop and hold” authority—currently available to broker-dealers and investment advisers—to credit unions and banks. This measure will help protect individuals aged 65 and older from financial exploitation.
On Friday of last week, the Judiciary Committee voted “Ought to Pass As Amended” on LD 1822, An Act to Enact the Maine Online Data Privacy Act, and “Ought Not to Pass” on LD 1224, An Act to Comprehensively Protect Consumer Privacy. While the League only testified in support of the language of LD 1224, we believe that LD 1822 contains a comprehensive exemption for credit unions and CUSOs. Both bills are expected to be heard on the floor in the coming weeks.
The League anticipates a vote on LD 1444, An Act to Prevent Foreclosures Without Strict Compliance with Notice Requirements, commonly referred to as the “free house” bill, will be considered by the full House and Senate soon.
Federal Legislation
Our partners at America’s Credit Unions are reporting that an amendment to add interchange language to the GENIUS Act has failed. While negotiations in the Senate are ongoing, current intel indicates that Senator Thune may file for cloture on Monday. If that occurs, a vote on the GENIUS Act could take place as early as Wednesday, without consideration of any amendments.
As the Senate takes up the House-passed reconciliation package—H.R. 1, the One Big Beautiful Bill Act—the credit union industry remains focused on ensuring that any proposal to tax credit unions is kept off the table. Fortunately, protection of our tax status continues to enjoy the full support of Maine’s congressional delegation.
Lastly, the League remains engaged with America’s Credit Unions to ensure the Community Development Financial Institution (CDFI) Fund is fully funded in FY 2026. We share the industry’s concerns about the potential elimination of this vital resource and will continue working with Maine’s congressional delegation to advocate for their strong support of this critical community lending program.
As legislative debates continue at the State House and on Capitol Hill, the League remains focused on advocating for policies that strengthen our industry and support the financial well-being of our members. If you have questions concerning any pending legislation, please contact Elise Baldacci.