Bill > S2556

This bill aims to modernize the Credit Union Laws in Massachusetts. Key provisions include: - Updating terminology from "federal credit unions" to "federally-chartered credit unions" and removing references to the "Central Credit Union Fund, Inc." - Allowing credit unions to be organized or designated as "low-income" subject to the approval of the commissioner. - Modernizing voting and governance provisions, such as allowing members to vote by mail or electronically, and allowing the board of directors to take action without a meeting. - Expanding the types of entities that credit unions can partner with for lending and investment purposes. - Repealing several outdated sections related to credit union operations and investments. - Allowing credit unions to establish retirement plans for their employees through the Credit Union Employees Retirement Association. - Requiring credit unions to provide certain fee-free banking services for customers 18 and under or 65 and older. The bill aims to update and streamline the Credit Union Laws to better reflect modern banking practices and provide more flexibility for credit unions to serve their members.

Budget and Finance

https://malegislature.gov/Bills/190/S2556