Print
(From Credit Union Times) – Ask any Maine credit union what the People Helping People philosophy means to them, and you’ll likely get the same response: it’s at the core of everything we do. These aren’t just words we say to make us feel good. It’s a principle that guides how we operate and differentiates us from the rest of the financial industry.
This distinction comes with great responsibility. We work hard to get to know our members, understand their triumphs and struggles, and identify solutions to make their lives and communities better. Because we are in the business of helping people, turning a profit doesn’t define our success. Credit unions excel when we enrich the lives of those we serve, ignite positive change, and influence others to engage and give back.
Too many Mainers lack financial security. Unfortunately, it goes hand-in-hand with a lack of housing, job, and food security. According to Census data, 12.9% of Maine’s population lives below the poverty level. Even more alarming, 14.4% of households in Maine are considered “food insecure.” Children are deeply impacted. Currently, 1 in 5 children face food insecurity, which has a major impact on their ability to do well in school and ultimately escape poverty.
We face complex issues that require complex solutions. With a focus on three pillars of service – community, economy, and people – Maine’s credit unions are moving our state forward. We’re doing that by taking leadership roles in organizations like the Maine State Chamber of Commerce and local community groups, and through the efforts of own army of advocates. It takes a village and we are that village.
To help combat hunger, Maine’s credit unions dedicate a great deal of time, money, and resources to our signature social responsibility campaign, the Campaign for Ending Hunger. With 100% of Maine’s 55 credit unions participating in this initiative, we raised $792,000 and supported 285 local organizations last year. Since 1990, we have raised over $8.5 million. Credit unions also commit countless hours through volunteer and community involvement activities at local food banks, farms, and pantries. Partnerships with local organizations like Good Shepherd Food Bank and Full Plates Full Potential also are important, and our League works in close collaboration with these nonprofits on our shared goals. For example, as part of our legislative advocacy this year, we were part of a coalition that testified in support of a bill, L.D. 359, which would require school administrative districts where 50% of the students qualify for free or reduced-price lunch to offer breakfast after the school day begins.
Advocacy, education, financial support – it’s all needed to eradicate hunger. To break the cycle of hunger and poverty, Maine’s credit unions work hard to provide consumers with the services, tools, and education they need to help them manage their money. Promoting financial literacy with young Mainers has been a central focus of our efforts. Our high school Financial Fitness Fairs are designed to get students thinking about managing a budget after graduation and takes into account expenses such as food, housing, transportation, and school loans. We also provide financial education to inmates at the Maine Correctional Facility and have recently established a partnership with ProsperityME to help new immigrants understand and navigate our financial system.
Our network is deeply committed to protecting our most vulnerable members from financial exploitation. Our League was a founding member of Senior$afe, a training program that helps staff at financial institutions recognize the signs of elder financial abuse. This important program, which has expanded nationwide thanks to legislation co-sponsored by Maine’s own Senator Susan Collins, protects seniors from the threat of financial scams and exploitation, and predatory lending. By helping older adults guard their assets, credit unions are helping them have a more comfortable and financially secure retirement.
In the weeks ahead, our League will be working with credit unions on the rollout of a new workforce development loan program to help more Mainers get the hands-on training they need to support a stable career. The program will allow students to borrow money to enroll in vocational training programs and defer payment until after they fulfill their program’s requirements. By making it easier for students to obtain loans, we hope more individuals will enroll in training programs to enhance and grow our state’s workforce.
These are just a few examples of how we are putting the People Helping People philosophy into action here in Maine. While our contributions are making an impact, there is still much more to do. In a world full of uncertainty, Mainers can count on their local credit unions to continue doing their part to serve our members, our community, and our state. The credit union difference is special and is why so many consumers are turning to us to be their financial partner.
ABOUT THE AUTHOR:
Todd Mason is President/CEO of the Maine Credit Union League.