Print
The Maine Credit Union League partners with its credit unions ‘to collaborate and cooperate for the futures of our credit unions and their members.’ Periodically, we feature one of our dedicated staff members in an effort to help you get to know the people working in support of your credit union team.
Ellen Parent, Director of Compliance for the League’s Governmental Affairs team, first brought her knowledge and expertise to the organization in February 2019. Nearly five years later, compliance offerings and insight continue to expand thanks to Parent, allowing the League to better support credit unions and their members.
“My position was very new when I came to it, and I have had the opportunity to mold it to fit the needs of the credit unions and to best utilize my skills and experience,” explained Parent. “The position has evolved to include proactive work to reach out to credit unions and to serve as a resource to Synergent staff, as well.”
Daily activities can vary widely for Parent depending on the time of year and the needs of credit unions.
“Year-round, I am fielding questions from credit unions about compliance matters, researching the latest compliance issue, and looking for regulatory and legislative ways to advance the mission of Maine credit unions,” shared Parent. “When the Legislature is in session, I spend a lot of time reviewing bills, looking for potential problems in the language, and advising on what position benefits credit unions.”
Parent devotes time to immersing herself beyond just our League and its members. The exposure she gains to national issues, groups, and resources is incredibly supportive of furthering what credit unions can do in Maine.
“I serve on a couple of different boards and working groups at the state and national levels, and I also spend some of the year working on updates to InfoSight, our state compliance resource. I also head up our compliance internship program. We have had three law students over the past three years serve as interns, in hopes that we can raise the profile of credit unions as a good place for those with a legal background to find a position. Regulators are expecting more and more from credit unions on compliance, and we hope that this program will be a good way to create a pipeline of people interested in the industry.”
School was a great starting point that allowed Parent the time and space to dig deep into her interests and expand her skillset in the legal world.
“My education set me up really well for this role, though I didn’t realize it at the time,” reflected Parent. “I always pursued things that I was interested in but felt I couldn’t learn on my own. I have a degree in economics which gives me big picture ideas about markets and the place of financial institutions in society. My law degree gave me the skills to analyze legislation and read regulations. While in law school I had an externship at the Lewiston District Court and was exposed to the foreclosure crisis. After law school, I spent a bit of time at the Legislature and was able to make useful connections there for the lobbying side of the job.”
Furthering her education, skills, and experience continues to be a priority for Parent. Earlier this year, she completed the Financial Services Compliance Certificate from Boston University School of Law.
“I chose the program because I wanted a slightly more academic slant to my compliance education,” explained Parent. “I have done industry trainings, but I wanted something more in-depth that took more than a couple days to complete. The classes offered provided me with a broader approach to compliance and gave me a better education on some of the regulations that impact credit unions and how they fit into a vast regulatory framework of American law.”
Parent feels the program she enrolled in best-suited what she was looking to gain.
“I looked at other programs, but I liked that Boston University had an online certificate and that the 12 credits could be attributed to a further degree in law should I choose to pursue an LLM, a specialized advanced legal degree,” said Parent.
Compliance is a newer offering from the League within recent years. The creation of Parent’s position within the organization, especially in its current form, provides a key resource to credit unions and their members.
“Compliance touches all of our work in financial services,” said Parent. “Every product credit unions offer has regulations that apply to different aspects of the product. A good rule of thumb is that if something touches a member, there is an accompanying law or regulation to go along with it. Financial services are one of the most highly regulated industries and being proactive prevents having to deal with problems further down the line.”
Parent continues to meet credit union compliance needs by expanding their awareness on the subject, sharing helpful resources, answering any questions that arise, and facilitating conversations between credit union employees for best practices. She also assists with the various conferences and trainings the League offers by providing subject matter expertise. Additionally, about one year ago she created and hosts an ongoing monthly Compliance and Fraud call for credit unions to “collaborate on education and learn from each other’s innovations to protect their members.” You can sign up for these on the League’s website. The next call will be held on September 20.
Assistance extends to the Synergent side, as Parent is usually the first line of defense on compliance matters. She reviews documents and questions before they go to an attorney, as well as helps Account Relationship Managers (ARMs) when credit unions come to them with questions.
“My favorite part of my job is researching problems and solving them for credit unions,” said Parent. “I love researching an issue, especially a complex one, and being able to provide the credit unions with supported information that shows them what to do and where to find it in the law.”
Parent also has a heavy hand in ensuring Maine Credit Unions’ Campaign for Ending Hunger maintains state compliance with regulations put forth by the Gambling Control Unit (GCU). Her efforts help ensure the League and its member credit unions fundraise legally to support hunger relief efforts for Mainers across the state.
“On the Campaign, I have worked extensively on rules around fundraising with games of chance,” explained Parent. “These laws change frequently, and people often forget that gambling, even raffles, are generally illegal unless they are performed in a certain way.”
Over the years, Parent has been involved with a wide range of projects impacting multiple varying industries—many of which she is very proud to have had a hand in.
“In 2019 we learned that there were certain education programs that resulted in a technical certificate that were not eligible for financial aid, but nonetheless resulted in good job opportunities,” explained Parent. “We partnered with the Maine Energy Marketers Association to create Career Advancement Loans. This loan product allowed credit unions to provide loans to members looking to get certificates in HVAC or welding, knowing that the member was extremely likely to get a job at graduation. The program allowed people who didn’t have the money up-front to take a course in an industry with a shortage of workers. Several credit unions have really taken this product on and made it successful.”
“Additionally, I have been serving on the e-titling working group for the Secretary of State’s office. We supported a bill that instructed the Secretary to work on creating a system for electronic titles for motor vehicles, something credit unions have been asking about for years. The project is well underway and the BMV is hoping to launch the program next year. We have a Town Hall on August 28 where the BMV will talk about the program and how credit unions can get involved.”
Parent feels grateful to her team for the support and collaboration they offer and is thrilled about the extraordinary work they have done and continue to do together.
“My team is small but mighty,” reflected Parent. “Rob Caverly, Vice President – Advocacy & Outreach, is an exceptional leader who trusts his employees and empowers them to do their best work. He is the kind of manager I aspire to be and is always looking out for his team; I feel very lucky to have someone like that in my corner. The way he is always advancing the credit union movement in Maine is inspirational; all Maine credit unions are his team. Krista Simonis, Director of Governmental Affairs, is new to the team but is a good fit. Since she has come on board, she has taken on a lot of legislative duties that Rob and I shared and she has allowed me to do more compliance work for our credit unions. I would also be remiss if I didn’t mention our honorary team member, Kelley Souza, our League President’s Executive Assistant, whose institutional knowledge and coordination with trips and events has been a huge help to us since day one.”
When Parent is not buried deep in the world of compliance and legislation, she enjoys time with her family and working with speech and debate students, sharing her passion and knowledge.
“Outside of work I spend a lot of time with my family, I have a three-year-old niece and a brand-new nephew in New Hampshire, so I love visiting with them. My other passion is judging and coaching high school speech and debate. I am starting my eighth year coaching and my fifth as a coach at Falmouth High School. I serve as the Treasurer of the state association and serve on the committee for the Maine chapter of the national organization.”