Maine Gov. Paul LePage may soon sign into law proposed legislation that could encourage the state's credit unions to provide student loans, according to the Maine Credit Union League.
Backed by the MCUL, the law would provide loan insurance on supplemental student loans. The bill, which was recently passed by Maine's House and Senate, also would require students to take a financial education class in order to receive a loan.
Kyle Casburn, president/CEO of the $106 million Seaboard FCU in Bucksport, and Joe Gervais, then executive vice president at the $211 million University CU in Orono, testified before state lawmakers to support the bill. Gervais has just been named CEO of the $126 Midcoast FCU in Bath.
In his testimony, Casburn said the legislation would encourage more credit unions to get involved with providing student loans, which would benefit students and parents.
MCUL President John Murphy said the financial education provision in the proposed law reinforces the credit union industry's financial literacy advocacy. The $343 million Maine State CU in Augusta helped the league and state officials draft the bill, Murphy said.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
