Letter to the editor: Bill co-sponsored by King would help credit unions
March 12, 2018
The six biggest banks in the U.S. have over $10 trillion in assets. The largest credit union in Maine has under $500 million in assets. Big banks operate to serve their shareholders while credit unions are not-for-profit and exist to serve our members. Any excess profit from a credit union is returned to our members in the form of lower interest rates and higher returns on savings.
There are countless differences between Evergreen Credit Union, where I serve as president and CEO, and the banks that caused the financial crisis, but Washington treats us equally.
These one-size-fits-all regulations hurt my credit union’s ability to serve our members. A bill currently making its way through the Senate, S. 2155, is a carefully crafted, bipartisan proposal that is co-sponsored by Sen. Angus King and would help credit unions across Maine more fully serve our members’ needs, from mortgages to small-business loans.