Bill > H1034

This bill aims to strengthen the state credit union charter. It includes the following key provisions: 1. Allows for the merger or consolidation of mutual banks, subsidiary banking institutions, and credit unions, subject to approval by the Commissioner of the Department of Banking. It requires consideration of net new benefits, such as initial capital investments, job creation, and community services, in the approval process. 2. Enables credit unions to convert to mutual banks and vice versa, with approval from the Commissioner and subject to certain conditions, including insurance requirements. 3. Allows credit unions to receive payments on uninsured non-share accounts, subject to terms and conditions set by the board of directors and the Commissioner. These accounts are subordinate to other claims and can be used to cover operating losses. 4. Expands investment options for credit unions, including in real estate, small business, and community development activities, within certain limits. 5. Streamlines the process for credit unions to purchase loans or assume deposits, shares, or liabilities from other financial institutions. 6. Permits credit unions to consolidate with foreign credit unions and vice versa, subject to regulatory approval. 7. Establishes detailed procedures and requirements for the conversion of credit unions, mutual savings banks, and mutual cooperative banks between charters, including voting processes and disclosures to members.

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https://malegislature.gov/Bills/191/H1034