MARLBOROUGH, Mass. (8/11/14)--Massachusetts Gov. Deval Patrick last week signed legislation that gives great investment authority to the Massachusetts Credit Union Share Insurance Corp., the Massachusetts Credit Union League reported.
House Bill 4112, An Act Relative to the Massachusetts Credit Union Share Insurance Corp., authorizes ownership of real estate and creation of subsidiaries, expands investment authority to include the investments under the "prudent man" authority upon application to the commissioner of banks not to exceed 20% of assets, and permits investments in credit union service organizations (Daily CU Scan Aug. 8).
Two bills supported by the league advanced through the House during the formal session. House Bill 4139 expands branching limitation miles to 100 miles from 50 miles and also allows for regional interstate branching. House Bill 3954 streamlines the petition process for the commissioner of banks to add permissible investments for state-chartered credit unions. Both bills are well-positioned to further advance to enactment during the informal session, the league reported.
The Massachusetts General Court operates on a two-year legislative calendar. Under the Joint Rules of the Legislature, the formal legislative session must end on July 31 of the second year. In August of the second year, full, formal sessions of the House of Representatives and Senate have concluded for the 2013-2014 legislative session. However, both chambers continue to meet twice a week in informal sessions to consider local and noncontroversial matters until the end of the calendar year.