Bill > H1159

This bill aims to enhance the mission of credit unions and promote fair competition among financial institutions. The key provisions are: 1. Requiring credit unions to comply with community reinvestment obligations throughout their entire geographic area of membership, and foreign credit unions applying to establish a branch in the Commonwealth to file their assessment area or a strategic plan for meeting the credit needs of the communities they intend to serve. 2. Allowing credit unions to amend their membership by-laws by a three-fourths vote of members, with the amendment subject to approval by the Commissioner of Banks. It also requires credit unions to establish a written policy for verifying members' eligibility and maintain documentation of the verification. 3. Requiring credit unions with more than 25,000 members to provide their members the option to vote electronically at annual or special meetings, which would apply to meetings held two years after the bill's effective date. The bill aims to enhance credit unions' community reinvestment obligations, strengthen their membership policies, and improve member participation through electronic voting options.

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https://malegislature.gov/Bills/192/H1159