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

Pursuant to the provisions of Massachusetts General Laws chapter 171, M.G.L. c. 171, § 6A, and in accordance with Massachusetts General Laws chapter 30A, section 2, a public hearing will be held on Thursday, January 14, 2016, at 10:30 a.m., 1000 Washington Street, Hearing Room 1-E, Boston, Massachusetts, at which the Division of Banks (Division) will receive oral comments relative to the adoption of proposed amendments to regulation 209 CMR 50.00: Parity with Federal Credit Unions.                                                    

The purpose of 209 CMR 50.00: Parity with Federal Credit Unions is to implement G.L. c. 171, s. 6A, which authorizes the Commissioner of Banks to promulgate regulations to grant state-chartered credit unions certain expanded powers in parity with federally-chartered credit unions.  The proposed amendments add several new types of authorities, including authority to engage in certain derivatives activities and charitable-related activities.  In addition, the proposed amendments restructure and streamline procedural requirements by allowing credit unions to exercise certain authorities after notice to the Division or with no notice requirement, rather than requiring that the credit unions receive advance approval from the Division.   The proposed amendments also clarify the authority of state-chartered credit unions relative to making or investing in loan participations, and make additional technical changes.

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 Massachusetts Division of Banks, 1000 Washington St., 10^th Floor, Boston, MA  02118-6400 or at dob.comments@state.ma.us until 5:00 p.m. on Thursday, January 21, 2016.  A copy of the proposed amendments is available at, and copies may be obtained from, the Massachusetts Division of Banks or at www.mass.gov/dob.