MA H1079

Allows mutual banks and credit unions to merge or consolidate into a single credit union with approval by 2/3 vote of each institution's board and written commissioner approval

Permits mutual banks to convert into state-chartered credit unions, with depositors becoming credit union members within 2 years and non-permissible assets disposed of within 2 years

Expands credit union investment authority to include asset-backed securities (up to 10% of assets), shares in banking-related service organizations (up to 10%), and investments in Massachusetts Capital Growth Corporation (up to 10%)

Enables credit unions to merge with savings banks, co-operative banks, and subsidiary banking institutions, with either type as the surviving corporation

Establishes detailed conversion procedures between credit unions and mutual banks, including requirements for 3-year business plans, member disclosure statements, majority member vote approval, and penalties of up to $5,000 fine or 3 years imprisonment for willful disclosure violations