Bill > H1049

This bill amends various laws related to banks and banking in Massachusetts. Key provisions include: 1. Requiring all cooperative banks in the state to be members of the Depositors Insurance Fund (DIF) corporation. 2. Allowing the DIF to require member banks to certify they meet membership qualification requirements and submit reports to determine compliance. 3. Authorizing the merger of the Cooperative Central Bank into the DIF, combining their insurance funds and reserves. 4. Providing that any cooperative bank not meeting DIF membership requirements at the time of the merger will automatically be converted to a savings bank. 5. Allowing the DIF's by-laws to temporarily have more than 12 directors and impose term limits to effectuate the purposes of this bill. 6. Repealing the laws that established the Cooperative Central Bank and its Share Insurance Fund upon approval of the merger.

Budget and Finance, Business and Industry

https://malegislature.gov/Bills/191/H1049