Sens. Collins, King Attend Annual Maine Credit Union League Luncheon, Discuss Importance of Small Financial Institutions to Maine’s Economy

Washington, D.C. — U.S. Senators Susan Collins (R-ME) and Angus King (I-ME) attended the annual Maine Credit Union League Congressional Luncheon in Washington, D.C., today. The event was attended by approximately 90 credit union representatives from Maine.

“In 2016, the Maine credit unions set a new membership high of more than 680,000 Mainers. Maine’s credit unions are characterized by community spirit, and they play a key role in strengthening our state’s economy for both individuals and businesses,” said Senator Collins. “Unfortunately, many credit unions and small community banks have told me that they are devoting so much time to compliance that could be better spent serving their members directly. I remain committed to easing unnecessary burdens on small financial institutions.”

“Credit Unions should be hiring loan officers – not compliance officers – so that they can help grow our economy and support communities across Maine and the nation. After all, it wasn’t Maine credit unions that caused the 2008 financial crisis, and so they shouldn’t be treated like they did,” Senator King said. “That’s why it’s critical that Congress recognize the important role they play in our economy and advance targeted, common-sense regulatory relief to ensure that government red tape isn’t needlessly stifling their ability to help people.”

In addition, Senator Collins commended the Maine Credit Union League on their efforts to combat fraud targeting seniors. Senator Collins recently introduced the Senior $afe Act with Senator Claire McCaskill (D-MO), which was cosponsored by Senator King. The bipartisan legislation, which is based on a Maine program, would put in place a commonsense plan to help protect American seniors from financial exploitation and fraud by providing support to regulators, financial institutions, and legal organizations to educate their employees about how to identify and prevent financial exploitation of older Americans.

“As a leading partner of Maine’s Senior $afe program, the Maine Credit Union League is on the front lines helping protect seniors from fraud,” said Senator Collins. “As the Chairman of the Senate Aging Committee, I recently reintroduced bipartisan legislation that is based on this successful, innovative program to expand it nationwide. Together with Maine’s credit unions and other financial institutions, we are making real progress in the fight against scams that target seniors.”

Senators Collins and King also congratulated John Murphy, the current president of the Maine Credit Union League, on his outstanding leadership of the organization. John, who has been a part of the Maine Credit Union league for four decades and has served as its leader for the past 25 years, plans to retire this summer.