CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact

News

Home » Mass. Governor signs credit union modernization bill
CU System

Mass. Governor signs credit union modernization bill

January 20, 2021
MAStateHouse

Massachusetts Governor Charlie Baker signed S.2828, An Act Modernizing Credit Union Laws, into law January 12, making it possible for Massachusetts credit unions to help further improve the lives of their members. The bill has long been a priority for Massachusetts credit unions and is the most important and comprehensive enhancement to the Massachusetts credit union state charter in over 30 years. 

Throughout the legislative process the importance of credit unions to the Commonwealth in providing vital services to their communities was emphasized. The new law will allow credit unions to adapt to a financial landscape that has shifted dramatically over the last three decades through a more logical and organized system that will better serve the residents of Massachusetts.

“The credit unions of Massachusetts appreciate their lawmakers’ recognizing the importance of credit unions to their communities. This legislation enhances credit unions on many fronts and makes it possible for them to help even more Massachusetts families gain the financial stability needed to achieve their dreams," said Cooperative Credit Union Association President/CEO Ron McLean. "It is especially helpful in strengthening Massachusetts credit unions ability to further assist their members through the pandemic and beyond.”

The majority of provisions within the bill modernize existing credit union authorities, and address such areas as governance, credit union member authority, transactions, deposits and loans, and technology enhancements. The new law strengthens credit unions’ ability to enhance the financial stability of their members through streamlined personal loan authority, eliminating the 100-mile radius for real estate loans and increasing partner options for participation loans. It also modernizes a number of governance requirements for credit unions, including their annual meeting processes, electronic member voting,
authorizes associate director positions, and streamlines committee composition. 

 

Credit Union Magazine: Spring 2022

Spring 2022

Credit Union Magazine’s Spring 2022 edition profiles four Credit Union Heroes and examines CUNA's advocacy priorities, the advocacy army, and financial well-being for all.
Digital Edition •  Subscribe

Trending

  • House passes CUNA-backed fair hiring bill

  • House committee to mark up field of membership modernization bill

  • Final flood Q&As reflect CUNA-sought clarifications

Tweets by CUNA_News

Polls

Are you ready for CECL?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2022 Credit Union National Association | ADA Compliance Notice & Legal
Email Us