Bill
Bill > S637
MA S637
Relative to interstate branching of a credit union and the Massachusetts Credit Union Share Insurance Corporation
summary
Introduced
01/22/2019
01/22/2019
In Committee
01/22/2019
01/22/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
191st General Court
Bill Summary
For legislation relative to interstate branching of a credit union and the Massachusetts Credit Union Share Insurance Corporation. Financial Services.
AI Summary
This bill amends the laws governing the Massachusetts Credit Union Share Insurance Corporation (MSIC). The key provisions are:
1. Allows credit unions chartered in Maine, New Hampshire, Vermont, New York, Connecticut, or Rhode Island, as well as federally chartered credit unions with their main office in those states, to become members of the MSIC.
2. Expands the commissioner of banks' regulatory authority over "excess members" of the MSIC, including requiring them to provide examination reports and be subject to supervision and examination by the commissioner.
3. Requires excess members to obtain approval from the MSIC and the commissioner before merging, consolidating, or establishing branches outside of Massachusetts.
4. Allows the MSIC to invest up to 15% of its assets in investments not specifically enumerated in the law, and to use investment advisors, subject to the commissioner's approval and conditions.
Committee Categories
Business and Industry
Sponsors (3)
Last Action
Accompanied a study order, see S2543 (on 02/18/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/191/S637 |
| Bill | https://malegislature.gov/Bills/191/S637.pdf |
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