Bill > H866

This bill amends existing Massachusetts General Laws to allow public funds to be deposited in credit unions and federal credit unions, which are financial institutions similar to banks but often member-owned. Specifically, it updates sections of chapter 29 and chapter 44 of the General Laws to include "credit unions" and "federal credit unions" alongside existing options like "federal savings banks" and "cooperative banks" for the deposit of public monies. A new provision is added to chapter 171, stating that credit unions and federal credit unions can accept these public funds, but the total amount of public funds they hold cannot exceed twenty-five percent of their total assets at any given time. This change expands the options for where government entities can safely hold their money.