offered by

Selected Opinions of the Division of Banks related to credit unions

Through these opinions, the Division of Banks (DOB) offers perspective on current issues and questions specific to credit unions.

Table of Contents

2014

  • Selected Opinion 14-016
    • Whether a credit union may reimburse individual directors for the cost of the director’s family plan health insurance premiums - November 19, 2014

2012

  • Selected Opinion 12-008
    • Whether reimbursing individual directors the cost of the director’s health insurance is in compliance with Massachusetts law

2011

2010

  • Selected Opinion 09-026
    • Whether a state-chartered credit union may offer a split dollar life insurance program to its executives -- May 3, 2010

2009

  • Selected Opinion 09-009
    • Providing credit under the Community Reinvestment Act (CRA) for lenders who participate in the Neighborhood Stabilization Program (NSP) - April 27, 2009

2005

  • Selected Opinion 05-011
    • Revised position relative to 100% loan-to-value automobile lending by credit unions - February 2, 2005

2003

  • Selected Opinion 03-054
    • Clarification on the circumstances which trigger the requirement for a state-chartered credit union to have an audit conducted by a Certified Public Accountant or Public Accountant - July 2, 2003
  • Selected Opinion 03-038
    • Whether a state-chartered credit union or banking institution's participation in a program is a qualified activity under the Massachusetts Community Reinvestment Act (CRA) - April 9, 2003
  • Selected Opinion 02-126
    • Issues on products and services which can be offered to an organization member including member business loans - February 6, 2003

2002

  • Selected Opinion 02-137
    • Whether a state-chartered credit union or banking institution's participation in two programs are qualified activities under the Massachusetts Community Reinvestment Act (CRA) - December 12, 2002
  • Selected Opinion 02-097
    • Reimbursement of certain director expenses - September 5, 2002
  • Selected Opinion 02-040
    • Clarification on authority to branch outside of the county where the main office is located - April 10, 2002

2001

  • Selected Opinion 01-144
    • Authority to lend or contribute money to foundation etablishing a credit union museum - December 12, 2001
  • Selected Opinion 01-103
    • Do credit unions nee a license to have foreign transmittals done by licensed entity - August 16, 2001
  • Selected Opinion 01-051
    • Use of word banking in credit union advertisement - April 27, 2001

2000

1999

1998

1997

Past opinions of the DOB

You can get copies of past opinions by submitting a Public Records Request to the DOB's Records Access Officer.

The DOB's Regulations, found in the Code of Massachusetts Regulations (CMR - agency code number 209), are available through the State House Bookstore.

Feedback

Did you find what you were looking for on this webpage? * required
We use your feedback to help us improve this site but we are not able to respond directly. Please do not include personal or contact information. If you need a response, please locate the contact information elsewhere on this page or in the footer.
We use your feedback to help us improve this site but we are not able to respond directly. Please do not include personal or contact information. If you need a response, please locate the contact information elsewhere on this page or in the footer.

If you need to report child abuse, any other kind of abuse, or need urgent assistance, please click here.

Feedback