Maine House, Senate recognize credit unions

By Barbara Scott
Staff Writer
    AUGUSTA — Representatives from nearly two-thirds of Maine’s credit unions were treated to a warm welcome by both chambers of the Maine Legislature at the annual Maine Credit Union Day at the Statehouse. Legislators from both parties expressed appreciation to credit union leaders and staff “for being such a positive presence in the financial services industry, especially during these difficult and challenging economic challenging times.”
    The event, which was held in the Hall of Flags in the Statehouse in Augusta on March 25, featured credit union representatives from every region of the state. One of the highlights of the event was a Joint Resolution that was passed and read in both the House and Senate recognizing Maine’s credit unions and the positive role they play in the lives of Maine citizens and their communities.
Contributed photo
RECOGNIZED — Ryan Ellsworth, right, executive vice president of The County Federal Credit Union, met with representatives of the Maine legislature on March 25, during the annual Maine Credit Union Day. Pictured with Ellsworth is Rep. Michael Willette (D-Presque Isle).
The resolution also praised Maine’s credit unions “for being member-owned and governed financial cooperatives dedicated and committed to serving the needs of their members and communities. The not-for-profit structure of credit unions provides each member with an equal voice and representation in the operations of the credit union. Serving members in all 16 Maine counties and in every community, Maine’s credit unions operate with the primary purpose of benefiting the more than 600,000 Maine consumers that use a credit union. The economic benefit that Maine’s credit unions provide to Maine consumers is approximately $73 million annually, as a result of lower and fewer fees on products and services, lower interest rates on loans and higher interest rates on savings.”    
    John Murphy, president of the Maine Credit Union League, thanked legislators for “honoring the spirit and efforts of Maine’s credit unions. “We remain committed to providing consumers with unparalleled access to financial services.”