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Maine congressional members tout MBL at league annual meetings
PORTLAND, Maine (6/24/10)--More than 600 representatives from 53 of Maine’s 65-member credit unions attended the Maine Credit Union League’s 72nd annual meeting and convention June 18-19 in Portland, Maine, where congressional representatives touted the benefits of raising the cap on member business lending.
Click to view larger image Attendees at the Maine Credit Union League’s annual meeting and convention include (from left) Leon Laffley, board member at Atlantic Regional FCU, Rep. Mike Michaud (D-Maine), and John Murphy, league president. (Photos provided by the Maine Credit Union League)
Click to view larger image U.S. Rep. Chellie Pingree (D-Maine) addressed attendees at the Maine Credit Union League Annual Meeting and Convention.
Speakers at the event included Brian Branch, chief operating officer and executive vice president of the World Council of Credit Unions; and U.S. Reps. Mike Michaud (D-Maine) and Chellie Pingree (D-Maine). U.S. Sen. Olympia Snowe (R-Maine) sent a video message and a staffer from U.S. Sen. Susan Collins’ (R-Maine) office spoke at the event. Pingree advocated for raising the cap on member business lending (MBL) and praised Maine’s credit unions for being involved and engaged in helping members. Snowe and Collins also said they favor raising the MBL cap to 25% from 12.25% of credit unions’ assets and recognized “the great service and value credit unions provide to nearly half of Maine’s entire population.” Michaud, who said he opposed having an interchange provision in the financial reform bill without a formal hearing, received a standing ovation from attendees. He thanked Maine’s credit unions “for having a vital role in serving your communities and members.” The Credit Union National Association (CUNA) and many credit unions oppose the interchange provision because it would make it more difficult for credit unions to offer card products and services, CUNA has said. Mark Sievewright, senior vice president at Fiserv, outlined the changes occurring in the financial services industry and called the next decade “unprecedented.” Credit unions must continue to be proactive and adapt to the changing landscape of financial services to remain relevant, vibrant and strong in the next 10 years. The needs of consumers demand that credit unions implemented new delivery channels and technology, he said. John Murphy, league president, said: “Despite all of the challenges of the past two years, credit unions have thrived and grown because we have not turned our backs on consumers as so many other financial institutions opted to do. That philosophy continues to give us many opportunities for continued success in the future.”
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