MARLBOROUGH, Mass. (1/9/15)--As one of his last actions in office, outgoing Massachusetts Gov. Deval Patrick signed into law Wednesday a bill that will remove barriers for Massachusetts credit unions in establishing new branches throughout New England.
A top priority of the Cooperative Credit Union Association, the regional interstate banking and branching measure will allow Massachusetts-based credit unions to open branches across state lines into Connecticut, Maine, New Hampshire, New York, Rhode Island and Vermont.
The new measure also expands the branching radius for credit unions to 100 miles of the main office outside of the county.
"This new law is a major step forward in modernizing the nation's oldest credit union law and keeping the Massachusetts credit union charter competitive," the association said (Daily CU Scan Jan. 8).
The law becomes effective Oct. 1, and contains a limit on applications of one per 12-month period. It also requires the commissioner of banks to promulgate regulations by July 1.
Patrick was succeeded in office by Gov. Charlie Baker, who was sworn in Thursday.