Bill > H1108

This bill aims to strengthen the state credit union charter by making several key changes: 1. It allows mutual banks or subsidiary banking institutions to merge or consolidate into a single credit union with the approval of the commissioner. 2. It enables the conversion of a mutual bank into a credit union, and allows mutual federal savings banks or mutual federal savings and loan associations to also convert into a credit union. 3. It expands the investment powers of credit unions, allowing them to invest in asset-backed securities, certain organizations providing banking-related services, and the Massachusetts Capital Growth Corporation. 4. It permits credit unions to merge or consolidate with savings banks, cooperative banks, or subsidiary banking institutions, with either as the surviving corporation. 5. It establishes a process for credit unions, mutual savings banks, or cooperative banks to convert to a different charter type, with detailed requirements for the conversion plan, member voting, and regulatory approvals. The overall goal of this bill is to provide credit unions with more flexibility and opportunities to grow and evolve within the state's financial services landscape.

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https://malegislature.gov/Bills/192/H1108