Bill > S551

This bill amends existing Massachusetts General Laws to allow credit unions, including federal credit unions, to hold public funds. Specifically, it adds "federal credit unions" and "credit unions" to various sections of Chapter 29 and Chapter 44 of the General Laws, which deal with public funds and financial matters for municipalities. This means that public funds can now be deposited in or invested in credit unions, similar to how they can be in banks and cooperative banks. A new paragraph is added to Chapter 171, which governs credit unions, stating that any credit union or federal credit union can accept these public funds, but the total amount of public funds held by a credit union cannot exceed twenty-five percent of its total assets at any given time. This provision provides more options for where public money can be safely held and invested.