MARLBOROUGH, Mass. (10/14/14)--Massachusetts Gov. Deval Patrick signed into law Thursday House 3954, An Act Relative to the List of Legal Investments prepared by the Commissioner of Banks, and supported by the Massachusetts Credit Union League (Daily CU Scan Oct. 10).
The measure improves the investment authority for state-chartered credit unions in three ways:
The measure emphasizes board policies and focuses on the investment process, requiring a certain level of care and diligence, to make an investment. The authority will be effective in early January, the league said.
The league also continues its advocacy on credit union regional branching legislation, which has been amended with technical provisions and an emergency preamble, as Senate 2379.