Bill > H1060

This bill aims to modernize the credit union laws in Massachusetts. Key provisions include: - Updating terminology from "federal credit unions" to "federally-chartered credit unions" and removing references to the "Central Credit Union Fund, Inc." - Defining "low-income credit union" and allowing the commissioner to approve the organization or designation of a credit union as low-income. - Modifying various provisions related to credit union membership, governance, committees, reporting, and investment activities. - Allowing credit unions to consolidate with and into federal credit unions. - Authorizing credit unions to provide certain free banking services to customers 18 years old or younger, and 65 years old or older. - Requiring an investigation fee for branch applications consistent with the fee for banks. Overall, the bill streamlines and updates the credit union laws to provide more flexibility and modernize operations.

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https://malegislature.gov/Bills/191/H1060