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News Now

CU System
Bill to remove deposit cap on Mass. governors desk
MARLBOROUGH, Mass. (8/6/10)--A bill that would remove the deposit limits under which state-chartered Massachusetts credit unions operate is on Massachusetts Gov. Deval Patrick’s desk. The bill, S.B. 468, “An Act Relative to Credit Union Shares and Deposits,” was introduced by Sen. Benjamin B. Downing (D-Pittsfield), said the Massachusetts Credit Union League (eWeekly Aug. 4). State-chartered credit unions had limits, based on their asset size, as to the amount of deposits they could accept. The measure would give them the opportunity to meet the demands of their members who would prefer to invest a greater portion of their money with the credit union but had been denied that opportunity because of an arbitrary cap, the league said.


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