MA S2871

Massachusetts Division of Banks submitted final amendments to regulation 209 CMR 50.00, which grants state-chartered credit unions expanded powers to match those of federally chartered credit unions under M.G.L. c. 171, § 6A

Reduces regulatory burden by changing several activities from requiring Division approval to requiring only notice or neither approval nor notice, including shared branch offices, derivatives authority, non-member deposits for low-income and non-low-income designated credit unions, and charitable donation accounts

Adds new authorities for state-chartered credit unions including services for nonmembers within field of membership, expanded investment options under 12 CFR 703.14 (variable rate investments, municipal securities, zero-coupon investments, etc.), and additional Credit Union Service Organization (CUSO) activities such as shared branch operations, travel agency services, and real estate brokerage

Expands existing authorities including subordinated debt activities under 12 CFR Part 702 Subpart D (formerly limited to secondary capital), additional CUSO loan support services, and permissible investment activities under 12 CFR 703.13

Incorporates changes from Chapter 338 of the Acts of 2020 (Credit Union Modernization Act) and removes provisions now covered by statute, including the definition of "organization member" and real estate loan participation rules now governed by M.G.L. c. 171, § 65A½