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Opinion

Opinion  Summary of Selected Opinion 98-099

Date: 05/01/1998
Organization: Division of Banks
Docket Number: 98-099

This opinion was issued in the second quarter of 1998.

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Ability of credit unions to offer credit cards issued by third-parties

Pursuant to Massachusetts Gen. Laws chapter 171, section 59A, credit unions may issue credit cards to its members. Although section 59A does not expressly authorize a credit union to contract with a third party to issue credit cards to members, it is the Division's position that the authority for such activity is included within the authority to issue credit cards. All such plans to contract with a third party to issue credit cards to credit union members must be submitted to the Division for approval.

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