| Date: | 06/01/1998 |
|---|---|
| Organization: | Division of Banks |
| Docket Number: | 98-085 |
This opinion was issued in the second quarter of 1998.
- This page, Summary of Selected Opinion 98-085, is offered by
- Division of Banks
Opinion
Opinion Summary of Selected Opinion 98-085
Table of Contents
Ability of credit unions to branch
A state-chartered credit union may establish and maintain branch offices or depots in the county in which its main office is located or an a site within twenty-five miles of its main office in a city or town in another county, pursuant to Mass. Gen. Laws chapter 171, section 8. Written permission of the Division of Banks is also necessary. There are two procedures for obtaining branch office approval from the Division. One is the standard application; the other is an expedited process, set forth in Regulatory Bulletin 2.1-104, for a credit union with an "Outstanding" or "High Satisfactory" rating for its performance under the Community Reinvestment Act provisions. If the credit union is seeking to establish a branch office at a greater distance from the main office than is authorized by current law, it would have to propose or seek passage of an amendment to M.G.L. ch. 171 § 8 or a Special Act by the Legislature.