Maine Story Archive

Maine report shows credit unions held 22% of all assets in state at mid-year ‘21

January 21, 2022 — There were 56 credit unions authorized to do business in Maine at mid-year 2021 — which altogether held $10.3 billion in assets, for 22.07% of all financial institution assets in the state — according to the annual report to the state’s legislature issued this week by the Maine Bureau of Financial Institutions. The charter types for the credit unions included 12 state credit unions chartered by Maine, two credit unions chartered by other states, and 42 federal credit unions.

Overall, Maine-chartered credit unions, the report notes, held $3.15 billion in assets, representing a year-over-year increase of 15.2% ($416 million). For more information on Maine credit unions (and financial institutions) click on the link below to the full report.

Annual Report from The Superintendent Of The Bureau Of Financial Institutions To The Legislature


Our credit unions made every effort to spread a splash of holiday magic within their communities in December

January 5, 2022 — From fighting food insecurity to donating gifts, giving was at the heart of it all. Here are a few ways our credit unions chose to brighten the season for those around them last month:

  • In Coastline CU’s Winter 2022 newsletter, the credit union included a helpful article that explains how you can teach your child about saving money.
  • Community CU spread joy in their local communities all month by prepaying for coffee orders, donating gifts to the Stuff the Bus program, and more.
  • On December 15, Connected CU partnered with 107.9 The Mix and a local Subway to deliver gift bags and sandwiches to the Augusta Teen Center.
  • Generous contributions were made by cPort CU employees to Project G.R.A.C.E., a family in the Augusta school system, Greater Portland Family Promise, and the homeless community in the city of Portland.

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Maine Credit Union League Announces the Credit Union Professionals of the Year

August 26, 2021 — At a ceremony on August 20, the Maine Credit Union League announced the credit union professionals of the year. Five honorees were recognized for their unwavering commitment to the credit union movement and for their exceptional service to credit union members and their communities.

“Maine’s credit union network is comprised of thousands of dedicated employees and volunteers who go above and beyond to improve the financial lives of their members and uplift their communities,” said Todd Mason, President/CEO at the Maine Credit Union League. “Their efforts deserve to be recognized. While I wish we could honor everyone for their unique contributions, I am pleased our League is celebrating these five remarkable individuals for their work over the past year. I know each one of them will continue making important contributions to our movement.”

Click to read the entire list.


Maine Financial Institutions Superintendent warns consumers of financial scams related to the anticipated direct payments from the U.S. Government under the CARES Act.

April 6, 2020 – GARDINER – Superintendent of the Maine Bureau of Financial Institutions Lloyd LaFountain is warning consumers of an expected surge in scam attempts involving the anticipated direct payment to individuals under the federal Coronavirus Aid, Relief, and Economic Security Act or the CARES Act. The new law, enacted by Congress on March 27, 2020, is intended to provide financial relief to all Americans to help alleviate the negative economic impact of the coronavirus pandemic. Individuals can expect to receive a direct payment from the federal government in amounts up to $1,200 beginning in the next few weeks.

“Unfortunately, scammers will very likely try to exploit the program to engage in ID theft and to defraud innocent people of their payments. Everyone is reminded to remain vigilant during the current crisis and be wary of any requests for personal information,” remarked LaFountain.

The Treasury Department and the Internal Revenue Service have announced that the distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. The IRS indicates that Social Security beneficiaries who are not typically required to file tax returns will not need to file to receive a payment. Instead, payments will be automatically deposited into their bank accounts. However, some people who typically do not file returns will need to submit a simple tax return to receive the economic impact payment. Details on how to obtain the payments will be posted on the IRS website. The Superintendent urges Mainers to go to www.IRS.gov for their information.

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Medical marijuana industry getting the cold shoulder from financials
Jan. 3, 2016 — Portland — Some caregivers and dispensary owners have found state-chartered banks or credit unions that are more willing to do business in funding medical marijuana financial needs, but the options are limited. READ MORE

Maine Credit Union League Releases Statistics
April 22, 2015 – Aroostook County, Maine – Recently released year-end statistics of Maine’s 60 credit unions, as reported by the Maine Credit Union League, reflect growth in assets, loans and savings in 2014.

 

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