MARLBOROUGH, Mass. (1/22/15)--The Cooperative Credit Union Association (CCUA) unveiled the list of legislative filings it has or will introduce at the state level of the three states it represents this year.
Chief among them will be a comprehensive recodification of Chapter 171 of the Massachusetts General Laws.
The bill, comprised of 118 sections and introduced by Sen. Michael J. Rodrigues (D-Westport), came about thanks to the dedicated efforts of the association's working group (Daily CU Scan Jan. 21).
Key aspects of the recodification include:
In addition to the recodification bill in Massachusetts, Rep. Thomas A. Golden Jr. (D-Lowell) has filed a separate public funds bill in the House.
"The association strongly believes in the value of credit union acceptance of public funds, and is pursuing this power both as part of the recodification bill and as companion stand-alone bills in each chamber," said Paul Gentile, CCUA president/CEO.
In New Hampshire, a recodification bill was filed as an omnibus financial institution measure, which would create a new Chapter 383-E to govern credit unions.
The bill was sponsored by Sen. Jeb Bradley (R-Wolfeboro) and Sen. Lou D'Allesandro (D-Manchester), and its advancement is expected early in the legislative session.
Highlights of the New Hampshire recodification bill include:
Finally, in Rhode Island, credit union leaders and others have built consensus on amendments to existing data breach law under the leadership of Sen. Louis DiPalma (D-Little Compton) and Rep. Stephen Ucci (D-Cranston).
The soon-to-be introduced legislation features an exemption for credit unions regarding notification after the discovery of a breach.
Credit unions subject to and in compliance with the Federal Interagency Guidelines on Response Programs for Unauthorized Access to Consumer Information and Customer Notice would be in compliance with the proposed legislation and notification requirements, the association said.