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News Now

CU System
Key CU bills get favorable reports in Mass.
BOSTON (3/21/14)--The Massachusetts Credit Union League saw a flurry of activity in the Legislature this week, as several credit union-related bills were reported out with favorable recommendations by the state's Joint Committee on Financial Services.

House and Senate bills, many of which were specifically introduced by the league, concerned regional interstate credit union branching; bank-to-credit union conversion; and authorizing formation of credit union service organizations by the Massachusetts Credit Union Share Insurance Corporation (Daily CU Scan March 20).

Measures relating to mortgage foreclosures, mediation, public funds and additional public disclosures of salary and compensation for certain senior officials of credit unions were all placed into a study order for further review.

In previous activity, meanwhile, the committee also favorably released an amended bill that requires 20% of assets to be invested according to "the prudent man investment authority."

The full list of bills now to be heard by additional state committees include:
  • House Bill 962: Regional interstate credit union branching;
     
  • Senate Bill 478: Bank-to-credit union conversion;
     
  • House Bill 873: Repeals various outdated consumer loan sections in C. 171 and clarifies state and federal credit union merger authority;
     
  • House Bill 874: Reduces time period to 45 days from 90 days for parity regulations to be filed before the Legislature prior to becoming effective; and
     
  • House Bill 853: Authorizes the formation of credit union service organizations by the Massachusetts Credit Union Share Insurance Corp.


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