Public Hearing on 209 CMR 58.00: Credit Union Branching

Pursuant to the provisions of Massachusetts General Laws chapter 171, M.G.L. c. 171, § 8A, as added by St. 2014, c. 466, § 1; St. 2014, c. 466, §§ 2 and 4, and in accordance with Massachusetts General Laws chapter 30A, section 2, a public hearing will be held on Wednesday, June 17, 2015, at 10:30 a.m., 1000 Washington Street, Hearing Room 1-E, Boston, Massachusetts, at which the Division of Banks will receive oral comments relative to the adoption of proposed regulation 209 CMR 58.00: Credit Union Branching .

The purpose of the proposed regulation is to implement Chapter 466 of the Acts of 2014, An Act Relative to Credit Union Branching (Chapter 466), which authorizes 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, subject to conditions to be established by the Commissioner.  Chapter 466 also authorizes out-of-state state-chartered credit unions, with a principal place of business located in one of the other New England states or New York, as defined herein, to establish a branch office in the Commonwealth, subject to conditions to be established by the Commissioner.  The purpose of 209 CMR 58.00 is to implement the requirements of Chapter 466 by establishing general requirements for application and notice authorities, and to set forth additional provisions.     

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 Friday, June 19, 2015.  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.