MARLBOROUGH, Mass. (6/4/14)--A bill that would allow Massachusetts credit unions to open branches in nearby states has advanced in the state's legislative process: to the third reading in the House--a step that precedes both a review by the House Committee on Bills and the house's final vote (Daily CU Scan June 3).
The key provisions of the bill include authorizing branching into Connecticut, Maine, New Hampshire, New York, Rhode Island and Vermont; expanding the branching radius for credit unions to 100 miles from the main offices outside of the county; a one-year delayed effective date; and a limit on applications to one per 12 months.
The state's House Ways and Means Committee--led by Chairman Brian Dempsey (D-Haverhill)--and House Financial Services Committee Chairman Michael Costello (D-Newburyport) worked closely with the Massachusetts Credit Union League over the past two weeks to produce the amended bill.
"We truly appreciate the careful consideration that the committee put into this piece of legislation," said league President Paul Gentile. "Because of their effort, we now have a bill that will really benefit the people who rely on credit unions."
Two other credit union bills have advanced alongside the interstate branching legislation, including a bank recodification bill and the Massachusetts Credit Union Share Insurance Corporation's credit union service organization bill.
The league expects all bills to reach the Senate before formal sessions conclude.