By the Division of Banks


Final Amended Regulations - 209 CMR 58.00: Credit Union Branching-Effective 8/14/15

The Division of Banks has filed final amendments to 209 CMR 58.00: Credit Union Branching to implement Chapter 466 of the Acts of 2014, An Act Relative to Credit Union Branching (Chapter 466).  Chapter 466 provides for expanded credit union branching opportunities within the New England states and New York.  The purpose of 209 CMR 58.00 is to establish requirements for application and notice authorities for Massachusetts-chartered credit unions to establish a branch office up to 100 miles from the premises of the main office within the Commonwealth, and in Connecticut, Maine, New Hampshire, New York, Rhode Island, or Vermont (the other New England states and New York), subject to conditions to be established by the Commissioner.  In addition, 209 CMR 58.00 also establishes application requirements for foreign credit unions and notice requirements for out-of-state federal credit unions, with a principal place of business located in such other states, to establish a branch office in the Commonwealth, subject to conditions to be established by the Commissioner.  The amendments will become effective on August 14, 2015.