Bill > S608

This bill proposes several key changes to protect credit unions in Massachusetts: 1. It allows mutual banks, subsidiary banking institutions, and credit unions to merge or consolidate, subject to approval by their boards, members/shareholders, and the state Commissioner of Banks. The Commissioner must determine that the merger or consolidation is in the interests of depositors, shareholders, or members and will not unreasonably affect competition. 2. It permits credit unions to convert to mutual banks, and mutual banks to convert to credit unions, with approval from the Commissioner and the respective members/shareholders. 3. It expands the types of institutions that credit unions can merge or consolidate with, including savings banks, cooperative banks, and subsidiary banking institutions. 4. It establishes detailed requirements and procedures for credit unions or mutual banks to convert to other charter types, including filing conversion plans, disclosing information to members/shareholders, and obtaining necessary approvals. Overall, the bill aims to provide more flexibility for credit unions to merge, consolidate, or convert, while maintaining appropriate regulatory oversight and safeguards for members/shareholders.

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https://malegislature.gov/Bills/191/S608