Credit Unions Ability To Accept Insured Nonmember Deposits - Q3 2000

By the Division of Banks

Pursuant to Mass.Gen.Laws chapter 17, section 6A and its implementing regulation 209 CMR 50.09(2)(c)2, a credit union may accept deposits for any purpose from another credit union or federally chartered credit union having its main office in the Commonwealth. Said deposits shall not exceed federal or excess share insurance limits and shall comply with the maximum deposit limitations of Mass.Gen.Law 171, section 30.