| Date: | 08/14/2015 |
|---|---|
| Organization: | Division of Banks |
| Regulatory Authority: |
M.G.L. c. 171, § 8A, as added by St. 2014 M.G.L. c. c. 466, § 1; St. 2014, c. 466, §§ 2 and 4 |
| Official Version: | Published by the Massachusetts Register |
This is an unofficial version of Commonwealth regulations and is posted here for the convenience of the public. It is not an official statement of the regulations.
Purpose. The purpose of 209 CMR 58.00 is to establish requirements for application and notice authorities for 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. In addition, 209 CMR 58.00 also establishes application requirements for foreign credit unions and notice requirements for out-of-state federal credit unions, with a principal place of business located in such other states, as defined in 209 CMR 58.00, to establish a branch office in the Commonwealth, subject to conditions to be established by the Commissioner.
The following definitions apply to 209 CMR 58.00:
Commissioner means the commissioner of banks, including the Division of Banks.
Commonwealth means the Commonwealth of Massachusetts.
Credit Union or Massachusetts-chartered Credit Union means a credit union organized pursuant to M.G.L. c. 171 and subject to examination and supervision by the Commissioner under M.G.L. c. 167.
NCUA means the National Credit Union Administration.
Foreign Credit Union means a credit union with its principal place of business in the states of Connecticut, Maine, New Hampshire, New York, Rhode Island or Vermont that is organized under the laws of the respective state.
Out-of-state Federal Credit Union means a credit union with its principal place of business in the states of Connecticut, Maine, New Hampshire, New York, Rhode Island or Vermont that is organized under the provisions of the Federal Credit Union Act.
In order for a Massachusetts-chartered credit union to qualify to engage in branching and interstate branching, it has to meet the following eligibility standards:
1. Application.
a. Massachusetts-chartered Credit Union. A Massachusetts-chartered credit union seeking to establish a branch which is located within 100 miles of its main office and which is within Connecticut, Maine, New Hampshire, Rhode Island, Vermont, or New York must submit an application to the Division of Banks in a form prescribed by the Commissioner.
b. Foreign Credit Union. A foreign credit union seeking to establish a branch in Massachusetts must submit an application to its state regulator.
2. Timing. Each credit union is restricted to submitting one application in a 12-month period.
Foreign Credit Union. The activities of a branch of a foreign credit union located within the Commonwealth shall be subject to all applicable laws governing Massachusetts credit unions and may be examined by the Commissioner.
