Bill > S693

This bill amends the law to expand the eligibility for credit unions to become members of the Massachusetts Credit Union Share Insurance Corporation, the state's credit union deposit insurance fund. Specifically, the bill allows federally chartered credit unions and state-chartered credit unions from neighboring states (Maine, New Hampshire, Vermont, New York, Connecticut, and Rhode Island) to become "excess members" of the insurance fund, in addition to Massachusetts-chartered credit unions. The bill also gives the state banking commissioner more regulatory authority over these out-of-state credit unions, including requiring them to provide examination reports, submit to supervision and examination, and obtain approval for mergers, consolidations, and the establishment of out-of-state branches. The goal of the bill is to facilitate interstate branching for credit unions while maintaining appropriate oversight to protect the state's deposit insurance fund.

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https://malegislature.gov/Bills/192/S693