On the recording: Maine credit cooperatives 'surpassed colleagues in other countries'

Elise Baldacci, former deputy chief of staff of governor Janet Mills, took over the helm of the Maine Credit Union League last June. Eight months after her role as President, Baldacci sat down with Mainebiz in the Westbrook headquarters of the organization to take over the sector.

Minebiz: How was it to return to an organization that you had worked at the beginning of your career?

Elise Baldacci: It was like coming home. I started in the league in 2013 for about five years to do its government matters and compliance program. When Governor was elected, her team turned to me, and for me it was the right time to go to the public service. I had a great time, but everything is consuming. I have three little children, so it was the right time to return to a missionary organization.

MB: How has the industry changed in the league since its time?

Eb: There was a lot of rebranding. The Maine Credit Union League and Synergent [a fintech services provider to credit unions nationwide owned by the league] drive ahead with two presidents. Our National Credit Union Trade Group also had a consolidation with another loan cooperative group that did federal work, so that they had undergone a name change. There were also mergers between credit unions and some new unions.

MB: Have you noticed more women among the new managers?

Eb: There was always a fairly strong female representation in credit cooperatives, especially in Maine. Historically speaking, the men in the Katahdin region led the paper factories, for example, while their women led the loan cooperatives connected to the mills. Maine had some incredible pioneers of the Credit Union World. Today there are definitely some new female faces, which is really exciting.

MB: How is Maine's Credit Sector Union?

Eb: The credit cooperative in Maine sector is fine. We exceed our colleagues in other states. And only in general we are based on the spirit of cooperation, and I feel so strong here in Maine. When we talk about our Community Impact initiatives, our campaign has just completed a record year to end hunger – with every single credit union in Maine. They come together to promote this collaborative spirit in Maine.

MB: What do you see as some of the challenges for loan cooperatives?

Eb: Consolidation and mergers take place across the country – not just in Maine, not just for loan cooperatives. For me, it promotes the best way to do this with our members. We have some really small loan cooperatives and their CEOs wear so many hats. In a way, you have to have options – whether you merge with another institution or help with succession planning that may not be available. These are some things we look at.

MB: What about the competition with banks?

Eb: There are many things that we do with the banks, and I would like to concentrate more on these things than talk about parts of a cake or to repeat national conversation topics. We work together and if we do that, it's really strong. Senior $ afe is a great example of training for front and back office credit cooperative and bank employees in order to identify and recognize the signs of older financial abuse and then have a decision tree that can be turned to. It was included in the federal legislation, so that a certain immunity for employees of the loan cooperative who receive special training now gives a certain immunity. There are so many good things that we can do when we work together.

MB: Credit cooperatives have been around for a long time. Are you still relevant?

Eb: I think the loan cooperatives have such a unique place in the financial service sector. When we talk about the Credit Union movement, I think that it is really something that lives outside of a physical branch, and I don't think that can ever disappear.

MB: Is there space for new loan cooperatives in Maine?

Eb: If there is another group that wants to found a new loan cooperative, this would require persistence and a long -term vision. We have to make sure that we raise you that it is a very, very long street.