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Opinion  Summary of Selected Opinion 00-065

Date: 07/01/2000
Organization: Division of Banks
Docket Number: 00-065

This opinion was issued in the third quarter of the year 2000.

Table of Contents

Credit unions ability to accept insured nonmember deposits

Pursuant to Mass.Gen.Laws chapter 17, section 6A and its implementing regulation 209 CMR 50.09(2)(c)2, a credit union may accept deposits for any purpose from another credit union or federally chartered credit union having its main office in the Commonwealth. Said deposits shall not exceed federal or excess share insurance limits and shall comply with the maximum deposit limitations of Mass.Gen.Law 171, section 30.

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