AUGUSTA, Maine–Maine’s credit unions have again testified in the state legislature against another proposal to create a state bank.
According to the Maine Credit Union League, the proposal was for a state bank that would hold 100% reserves, as well as issue gold and silver coinage and cryptocurrency redeemable for fixed amounts of gold.
The league noted it testified in opposition, focusing on how Mainers are “well-served” by the current financial institutions in Maine.
“We’re proud of how credit unions continue to demonstrate their cooperative principles like autonomy and independence while serving their communities and providing lower fees and better interest rates,” the league said. “Proposals like the State Bank, which we also testified against in 2019 and 2017, show how important our state level advocacy efforts are.”
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