Bill > H1097

This bill aims to enhance the mission of credit unions and promote fair competition among financial institutions. It requires credit unions to assess their compliance with community reinvestment throughout the entire geographic area specified in their bylaws, and foreign credit unions applying to establish a branch in Massachusetts to file an assessment area or strategic plan for meeting the credit needs of the communities they serve. The bill also allows credit unions to amend their membership bylaws by a three-fourths vote of members present and entitled to vote at the annual meeting, and mandates credit unions with over 25,000 members to provide their members with the option to vote electronically at annual or special meetings.

Business and Industry

https://malegislature.gov/Bills/193/H1097