Bill > H4057

This bill proposes amendments to 209 CMR 50.00, the regulations governing parity with federal credit unions in Massachusetts. The key provisions include: - Reducing regulatory burden by amending certain approval authorities to notice or no application/notice requirements for activities like shared branch offices, community development investments, non-member deposits, and more. - Clarifying and reorganizing the sections on the application process, notice process, and activities requiring no application or notice. - Expanding the Incidental Powers section, including adding an expedited approval process for activities deemed acceptable by the federal regulator (NCUA) and a separate approval process for other NCUA-approved incidental powers. - Updating the provisions related to credit union service organizations (CUSOs), including the permissible activities and investment/lending limits. Overall, the bill aims to provide Massachusetts credit unions with greater parity with federal credit unions by streamlining regulatory requirements and expanding the range of permissible activities.

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https://malegislature.gov/Bills/191/H4057