Proposed Amendments to 209 CMR 50.00: Parity with Federal Credit Unions

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 26, 2010 at 11:00 a.m., 1000 Washington Street, 1st 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 update the Parity Regulations to reflect that certain authorities previously set forth therein are now covered by Chapter 454 of the Acts of 2008, which rewrote state-chartered credit unions' authorities relative to mortgage loans and non-mortgage/other types of consumer loans, loan participations and the purchase and sale of loans. Other substantive additions include authorities and activities granted to credit unions and credit union service organizations. 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 Tuesday, April 27, 2010. A copy of the proposed amendments is available at, and copies may be obtained from, the Massachusetts Division of Banks, 1000 Washington Street, 10 ^th Floor, Boston, Massachusetts 02118-6400 or at www.mass.gov/dob/.