Bill > S2828

This bill makes several changes to modernize the credit union laws in Massachusetts. Key provisions include: - Allowing credit unions to be organized or designated as "low-income credit unions" with approval from the Commissioner. - Authorizing credit unions to make mortgage loan participations with other financial institutions. - Updating rules around credit union governance, such as allowing members to vote by mail or electronically, increasing flexibility on the number of directors, and clarifying the roles and responsibilities of the board and committees. - Modifying investment and lending authorities for credit unions, including increasing limits on certain investments. - Allowing credit unions to consolidate with federally-chartered credit unions. - Updating provisions related to the Credit Union Employees Retirement Association to align with federal tax laws. Overall, the bill aims to provide credit unions in Massachusetts with more operational flexibility and align their legal framework with modern banking practices.

Budget and Finance

Joint Committee on Financial Services (J), Senate Committee on Ways and Means (S)

https://malegislature.gov/Bills/191/S2828