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The Governmental Affairs team has been working hard to ensure that bills coming out of the Legislature account for credit union needs and issues facing Mainers. Last week, the Health Coverage, Insurance, and Financial Services Committee unanimously passed the State Charter update (LD 1921). One amendment included giving the Bureau of Financial Institutions the ability to waive board meetings for good cause. Other technical language amendments ensure state-chartered credit unions will be able to invest in out of state credit unions, should they choose to do so.
Also up this week were the work sessions for both LD 2062, the appraisal bill, and LD 2167, regarding the creation of the Office of New Americans. The League testified in opposition to LD 2062 because of specific language that would have exempted the Board of Real Estate Appraisers from important professional standards. In work session this week, that language was amended and the League removed its concerns with the bill. However, there is still a severe appraiser shortage in Maine and we remain concerned with the overall conduct of the board and their lack of effort in mitigating this shortage. We will continue to work on this issue.
The League testified last week in support of the Office of New Americans and requested the committee include the need for financial literacy in the bill. We worked with the Governor’s office to include this as one of the stated directives of the Office in the Governor’s amendment, which was voted out by committee. While there was not a position created for a financial services representative on the advisory council, we plan on recommending someone for the council who can speak to the need for financial literacy once the bill officially becomes law.