Bill > H1078

This bill amends several Massachusetts state laws to allow municipalities to deposit and invest public funds in credit unions, both state-chartered and federal credit unions. Specifically, the bill modifies existing statutes to explicitly include credit unions among the financial institutions where local governments can place their funds. The bill sets a key limitation that credit unions can only accept public funds up to 25% of their total assets. The changes update language in chapters 29, 44, and 171 of the Massachusetts General Laws to expand municipal investment options, giving local governments more flexibility in managing their financial resources by allowing them to work with credit unions in addition to traditional banks like savings banks, cooperative banks, and federal savings banks. This legislative change aims to provide municipalities with more diverse and potentially competitive options for depositing and investing public funds.

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https://malegislature.gov/Bills/194/H1078