University Credit Union, Orono, Maine, has requested permission to amend its bylaws to convert its field of membership to become a community-chartered credit union in accordance with Title 9-B M.R.S. §§ 814(1)(A-1) and 848. University Credit Union proposed to retain in its field of membership, after conversion to a community-charter credit union, select groups that were included in its field of membership prior to conversion.
University Credit Union is a multiple common bond credit union whose field of membership consists of several common bonds of association, occupation, or residence. The proposed community conversion and bylaw amendment will include persons who live, work, worship, or attend school in as well as businesses and other legal entities located in the rural district of: Androscoggin, Cumberland, Franklin, Hancock, Kennebec, Knox, Oxford, Penobscot, Somerset, Waldo, and Washington counties.
The Maine Bureau of Financial Institutions (“Bureau”) reviewed the documentation submitted by University Credit Union in support of its request to convert to a community-charter field of membership. The Bureau also considered rural district guidelines established by the National Credit Union Administration in its review as directed by 9-B M.R.S. § 814.
As a result of that review and analysis, the Bureau approves University Credit Union’s request to convert to a community-chartered credit union, comprised of the rural district of Androscoggin, Cumberland, Franklin, Hancock, Kennebec, Knox, Oxford, Penobscot, Somerset, Waldo, and Washington counties. Further, University Credit Union is permitted to retain in its field of membership certain groups previously included in its field of membership, including: all employees, students, and alumni of the University of Maine System, Maine Maritime Academy, The Landing School, and Northeast Technical Institute; employees of other units located on the campuses; employees of the Credit Union; members of the Maine Consumer Council, a chapter of the American Consumer Council; spouses of those who died while within the field of membership of the credit union; or immediate family members and persons living in the same residence maintaining a single economic unit of all of the above.
Any person aggrieved by this final agency action shall be entitled to judicial review, pursuant to the provisions the Maine Administrative Procedures Act, Title 5, Chapter 375, Subchapter 7 (5 M.R.S. §§ 11001-11008).
/s/ Lloyd P. LaFountain, III
Superintendent
Gardiner, Maine
January 18, 2024