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News Now

CU System
Mass. governor signs bill to remove deposit cap
MARLBOROUGH, Mass. (8/12/10)--Massachusetts Gov. Deval Patrick has signed the Massachusetts Credit Union League's legislative filing to remove deposit caps for credit unions into law. The league reported that Senate Bill 468, "An Act Relative to Credit Union Shares and Deposits," was signed on Monday. The bill passed the state legislature on July 31, according to the document signed. It removes the deposits limit under which state-chartered credit unions in Massachusetts operated. The measure provides credit unions the opportunity to meet demands of members who preferred to invest more with their credit union but had been denied the opportunity because of the arbitrary cap, the league said (News Now Aug. 6). The law, which will be effective on Nov. 7, was introduced by Sen. Benjamin B. Downing (D-Pittsfield).


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