MA H1266

Credit unions with geographic-based membership must be assessed for community reinvestment compliance throughout their entire designated geographic area, not just where branches are located

Foreign credit unions seeking to open Massachusetts branches must file a community reinvestment assessment area or strategic plan with the Division of Banks

Amendments to credit union membership eligibility by-laws require a three-fourths vote of members present, can only occur at annual meetings (with merger exception), and need commissioner approval before taking effect

Credit unions must establish written policies identifying specific documents accepted to verify membership qualifications, and must retain verification documentation for each new member organized by quarter and year for examiner review

Credit unions with more than 25,000 members must offer electronic voting at annual and special meetings, effective two years after the act's passage