Public Meeting Notice Proposed amendments to 209 CMR 50.00: Parity with Federal Credit Unions
Overview of Proposed amendments to 209 CMR 50.00: Parity with Federal Credit Unions
Pursuant to the provisions of Massachusetts General Laws chapter 171, § 6A, and in accordance with Massachusetts General Laws chapter 30A, section 2, a public hearing will be held on Thursday, September 13, 2018 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 M.G.L. c. 171, § 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 primarily reorganize and amend the Incidental Powers authorities, and restore them to a single section, proposed 209 CMR 50.09.
There are two new authorities proposed under Incidental Powers at 209 CMR 50.09(4)(a) and 209 CMR 50.09(4)(b). The first proposed authority is at 209 CMR 50.09(4)(a), which would authorize a state-chartered credit union to apply for expedited approval from the Division for certain activities that the federal regulator, the National Credit Union Administration (NCUA), has deemed approved or deemed acceptable in writing to be an Incidental Power, and which is reasonably related to an individual power as set forth in 209 CMR 50.09(2) or 209 CMR 50.09(3). The second proposed authority is at 209 CMR 50.09(4)(b), which would authorize a state-chartered credit union to apply for approval from the Division for activities that the NCUA has deemed approved or deemed acceptable in writing as Incidental Powers but which are not included in 209 CMR 50.09(2) or 209 CMR 50.09(3). In addition, the proposed amendments restructure and streamline procedural requirements by allowing state-chartered credit unions to exercise certain authorities that previously required approval or notice to do so without approval or notice. Certain technical changes are also proposed.
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., 10th Floor, Boston, MA 02118-6400 or at email@example.com until 5:00 p.m. on September 21, 2018.