MARLBOROUGH, Mass. (10/6/14)--Loan participations was among the topics of discussion at a roundtable jointly sponsored by the Massachusetts Credit Union League and Massachusetts Division of Banks last week.
|Massachusetts Banking Commissioner David Cotney answers a question at the Massachusetts Credit Union League roundtable. (Daily CU Scan Photo)|
David Cotney, who along with members of his senior staff took questions from attendees at the roundtable, recently sent a letter to state-chartered credit unions that detailed requirements for participating in loans with other credit unions (Daily CU Scan Oct. 3).
In his letter, Cotney said state-chartered credit unions have the authority to take part in loan participation based on Massachusetts law that provides parity with federal legislation. The division will be reviewing its current parity regulation in the coming months and proposing amendments to further clarify loan participations, Cotney said in the letter.
Other topics included an update of the Massachusetts Credit Union Act, cybersecurity and examination practices.
"The roundtable was a great opportunity to engage in some very productive give and take on a number of issues that are of critical importance to credit unions in Massachusetts," said Paul Gentile, league president/CEO, who facilitated the discussion. "We appreciate Commissioner Cotney and his team taking the time to sit down with the credit union community to discuss key regulatory issues."
The league and the bank commission will jointly sponsor another roundtable Wednesday in Taunton, Mass.