WESTBROOK, Maine (11/16/15)--The Maine Credit Union League held a sit down with Sen. Angus King (I-Augusta) at the CU Service Center recently to talk about member business lending, regulatory burden and cybersecurity (Weekly Update Nov. 13).
The league took the opportunity to encourage King, a former two-term governor of the state, to co-sponsor legislation in the Senate that would raise the member business lending cap.
“Sen. King listened intently to our issues and the impact that the current cap on member business lending is having on not only credit unions participating in member business lending, but on discouraging others from getting involved,” said John Murphy, league president. “He has supported previous legislation in the past and we remain actively engaged in having him do so again, as it would help credit unions meet the demands of small businesses across Maine without costing the taxpayer one cent.”
Also in attendance during the meeting were Will Hatt of Business Lending Solutions and Ryan Poulin, president/CEO, New Dimensions FCU, Waterville, Maine. Each spoke about the lending needs of members and the effect pushing the credit union cap higher would have on the economy.
The league also addressed regulatory burden with King. The senator heard the concerns and said he continues to have ongoing discussions with the Consumer Financial Protection Bureau and other regulators to ensure regulations don’t interfere with the ability for credit unions to serve their members.