Bill > H1065

This bill aims to enhance the mission of credit unions and promote fair competition among financial institutions. The key provisions of the bill are: 1. It requires the examination of a credit union's record of performance to assess its compliance with community reinvestment throughout the entire geographic area specified in its by-laws, if a person is eligible for membership based on living in that area. 2. It establishes new requirements for foreign credit unions applying to establish a branch office in the Commonwealth, including the need to file an assessment area for compliance with community reinvestment or a strategic plan to meet the credit needs of the communities they intend to serve. 3. It introduces restrictions on the ability of credit unions to receive shares or deposits from non-members, with some exceptions. 4. It limits the total amount of loans a credit union can make, acquire, or participate in to organization members, setting a cap of the lesser of 1.75 times the actual net worth of the credit union or 12.25% of the credit union's assets. The overall aim of the bill is to enhance the mission of credit unions and promote fair competition among financial institutions in the Commonwealth.

Business and Industry

https://malegislature.gov/Bills/191/H1065