Credit union CEOs come together to address challenges facing small financial institutions in Maine
AUGUSTA, ME (September 11, 2024) — Maine State Credit Union hosted a CEO roundtable event for all credit union CEOs in the Kennebec Chapter of the Maine Credit Union League at its Main location in Augusta. At the event, they discussed many financial and regulatory issues facing small financial organizations, like credit unions, and how they can collaborate and share best practices.
“Credit Unions by nature are collaborative,” said Kelley Carter, EVP of Sebasticook Valley Federal Credit Union. “It was nice to get together, network, and share ideas and best practices around some of the issues facing credit unions these days, such as an increase in fraud, cyber-security threats, and tighter regulatory reporting requirements.”
Credit Unions are essential for the success of smaller communities in Maine. Many towns have been faced with a decrease in population and an increase in hardships and unemployment as inflation continues to rise. These people seek help and guidance from their credit union to help with basic financial education, such as budgeting and retirement savings.
Most credit union CEOs encounter similar challenges, including aging memberships, difficulty finding qualified employees, and increased fraudulent activities and reporting requirements. The CEO event provided an opportunity for collaboration, knowledge sharing, and best practice exchange among CEOs facing similar issues and problems.
“We were happy to host the event and plan to make this recurring,” said Stephen Wallace, President and CEO at Maine State Credit Union. “There is a lot of uncertainty in the world today, and as leaders of credit unions, we must provide a place to help our members be successful, and by sharing knowledge and best practices with each other, we will.”
About Maine State Credit Union
Maine State Credit Union is one of the largest credit unions in Maine, with over $690 million in assets. Headquartered in Augusta, Maine with locations in Augusta, Gray, Rockland and Waterville, it employs over 130 Mainers has been on the list of Best Places to Work in Maine for the past twelve years and has been recognized by Forbes as one of the best credit unions in Maine for the past three years. Founded in 1935 to give members a place to take out a loan, now offers a range of products from personal checking and savings to commercial banking. Maine State CU has over 35,000 members and is open to all Mainers in Androscoggin, Cumberland, Kennebec, Knox, Lincoln, Somerset, Sagadahoc, and Waldo counties. Learn more at MaineStateCU.org.
