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Credit unions across Maine are partnering to expand financial access and opportunity for youth in foster care. Eight credit unions have joined together to develop and launch Youth Empowerment Accounts, a collaborative initiative designed to address the unique banking needs of young people transitioning toward independence.
The initiative reflects a shared commitment to ensuring foster youth have access to safe, supportive financial services and educational resources that can help build long-term financial stability and confidence.
“This work is a great example of what makes the credit union movement so special,” said Christina Carter, President of Midcoast FCU. “When a need is identified, we don’t work in silos. We come together, share ideas, and create solutions that make a meaningful difference. I’m incredibly proud of the collaboration behind this effort and the positive impact it will have for youth across Maine.”
Participating credit unions worked together to design account offerings that reduce barriers, increase accessibility, and provide supportive tools for young people who may not otherwise have access to traditional banking relationships.
“Our team was excited to be part of this effort,” shared Deb White-Rideout, Executive Vice President at University CU (UCU). “This initiative reflects our shared belief that financial institutions can and should play a role in supporting young people as they prepare for independence. By working together, we’re able to extend that impact far beyond what any one organization could achieve alone.”
The effort has also been shaped by the input and partnership of organizations that work directly with foster youth and understand the challenges they face.
“Youth engagement is not a transaction; it is about building stronger relationships rooted in trust, consistency, connection, and education,” Tena Wallace, Vice President of Community Engagement at Midcoast FCU, explained.
“Access to safe, supportive financial tools can be a critical step for youth in foster care as they prepare for adulthood,” added Dulcey Laberge, Youth Transition Program Manager with the Maine Department of Health and Human Services, Office of Child and Family Services. “This collaboration with Maine’s credit unions helps remove barriers and creates opportunities for young people to build confidence and skills that will serve them well into the future.”
A flyer highlighting participating credit unions has been distributed to organizations and partners across the state, underscoring the broad support behind this initiative.
Together, this effort demonstrates the cooperative spirit at the heart of Maine’s credit union movement. By uniting around a common purpose, these credit unions are helping ensure that foster youth have greater access to financial tools, education, and trusted support as they prepare for adulthood and independent living.
Credit unions interested in offering Youth Empowerment Accounts, as well as organizations serving foster youth that would like to learn more about the initiative, are encouraged to contact any participating credit union for additional information.
Participating Credit Unions
- Acadia FCU
- Katahdin FCU
- Lincoln Maine FCU
- Midcoast FCU
- Oxford FCU
- Saco Valley CU
- The County FCU
- UCU