By the Division of Banks

Event Detail

Comments received relative to the adoption of proposed amendments to 209 CMR 50.00: PARITY WITH FEDERAL CREDIT UNIONS 
Type of Event:Public Hearing
Date:04/14/2008, 10:30 AM


Pursuant to the provisions of Massachusetts General Laws chapter 171, section 6A, and in accordance with Massachusetts General Laws chapter 30A, section 2, a public hearing will be held on Monday, April 14, 2008 at 10:30 a.m., One South Station, Hearing Room A on the 5th Floor, Boston, Massachusetts, at which oral comments will be received by the Division of Banks relative to the adoption of proposed amendments to 209 CMR 50.00: PARITY WITH FEDERAL CREDIT UNIONS. The purpose of the proposed amendments is to authorize state-chartered credit unions to exercise additional powers and engage in additional activities and services that are permissible for a federal credit union provided any such activity is not otherwise prohibited by law. These additional activities include among other things: increasing personal loans from a maximum term of 12 years up to a maximum term of 15 years; authorizing indirect mobile home loans; authorizing state-chartered credit unions to engage in securities brokerage through a credit union service organization; and authorizing additional money transfer services for nonmembers. Several amendments to make specified authorities easier to implement are also being proposed. Certain technical changes and clarifications are also being made to the existing regulations. Additional changes may be made based on comments received at the public hearing or during the comment period.

Written comments may be submitted to the Division on the proposed amendments until 5:00 p.m. on April 15, 2008. A copy of the proposed amendments is available at, and copies may be obtained from, the Massachusetts Division of Banks, One South Station, Boston, Massachusetts 02110 or at

Written comments:

accepted until: 04/15/2008

Location:5th Floor Hearing Room A, DOB Main Office
One South Station
Boston, MA
Contact:DOB -- Massachusetts Division Of Banks
Registration:No Registration