Bill > S541

This bill amends Massachusetts law to provide additional protections for credit unions. The key provisions include: 1. Allowing credit unions to merge or consolidate with other credit unions, banks, or subsidiary banking institutions, with the approval of the state commissioner. The terms of such mergers must be approved by the voting bodies of the institutions involved. 2. Permitting credit unions to convert to mutual banks, and mutual banks to convert to credit unions, with the approval of the state commissioner and under certain conditions. 3. Expanding the types of institutions that can merge or consolidate with credit unions, including savings banks, cooperative banks, and subsidiary banking institutions. 4. Establishing detailed procedures and requirements for the conversion of a credit union to a mutual bank or federal credit union, or the conversion of a mutual bank to a credit union, including provisions for member approval, required disclosures, and commissioner oversight. The overall purpose of the bill is to provide more flexibility and options for credit unions to restructure or combine with other financial institutions, while maintaining appropriate regulatory oversight and protections for members and depositors.

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https://malegislature.gov/Bills/190/S541