Bill > H4193

This bill amends existing law regarding the reserve fund for credit unions, specifically Section 8A of Chapter 294 of the Acts of 1961. The key changes are that once the fund reaches a total asset basis of $50,000,000, no single member's deposits can exceed 20 percent of all deposits in the fund, and if a member's existing deposits already exceed this limit due to the fund reaching $50,000,000, they can keep those amounts but cannot make further deposits until their total deposits fall within the 20 percent limit. Additionally, the bill clarifies that the assets of the fund can only be invested in ways that are already permitted for the credit union corporation under current laws and regulations.