MA H1078

Authorizes Massachusetts municipalities to deposit and invest public funds in state-chartered credit unions and federal credit unions operating in the commonwealth

Amends Chapter 29 (state finance) and Chapter 44 (municipal finance) of the General Laws to add credit unions to the list of approved financial institutions for public deposits

Permits municipal investments in paid-up shares or deposits of credit unions, expanding options beyond traditional banks, savings banks, and cooperative banks

Caps public fund deposits at 25% of a credit union's or federal credit union's total assets at any given time

Filed by Representative Shirley B. Arriaga (8th Hampden) on January 16, 2025, and referred to the Financial Services Committee