Bill > S587

This bill modernizes the credit union laws in Massachusetts. Key provisions include: - Allowing savings banks and cooperative banks to convert into credit unions under certain conditions. - Expanding the definition of acceptable investments and activities for credit unions, including allowing them to engage in certain financial activities that are complementary to their business. - Providing more flexibility around voting methods, board structure, and committee composition for credit unions. - Updating various administrative and operational requirements for credit unions, such as annual reporting, safe deposit box procedures, and borrowing authority. - Repealing several outdated provisions related to credit union operations. - Allowing credit unions to consolidate with and acquire loans/liabilities from federal credit unions and other financial institutions under certain circumstances. Overall, the bill seeks to modernize and streamline the legal framework governing credit unions in Massachusetts to better align with current industry practices and regulatory approaches.

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https://malegislature.gov/Bills/190/S587