State Advocacy: Massachusetts
Massachusetts Advocacy
The Cooperative Credit Union Association is an active and vigorous advocate on behalf of Massachusetts Credit Unions. The Association is the voice of the credit union community at the State House in Boston, working for legislation that fosters the success of credit unions.
Learn more about the current Massachusetts Congressional Delegation.
Legislative Topics
The CCUA acts as an advocate for the credit unions of Massachusetts, making certain that the needs of credit unions and their members are well known and clearly understood to the lawmakers who draft the laws which govern the operation of credit unions.
That proactive position involves formulating and drafting legislation that allows credit unions to continue in their role as an effective and friendly financial resource for consumers. Defending credit unions from legislative assaults mounted by competitors seeking to use the Legislature in order to gain advantages in the marketplace is an equally important function.
The Massachusetts Credit Union Act of 1909 was the first comprehensive credit union law in the country, and later served as the model for the Federal Credit Union Act of 1934. Today, Massachusetts credit unions continue to make a difference in the live of people, businesses, and communities throughout the Commonwealth each and every day.
An Act to Allow Municipalities to Deposit in Credit Unions
H.1034/S.652: Sponsors: Rep. Patricia Haddad (Somerset) and Sen. Adam Gomez (Springfield)
H. 1163: Sponsor: Rep. Jonathan Zlotnik (Gardner)
- Authorizes the deposits of municipal public funds into credit unions in Massachusetts.
- Amends municipal and credit union statutes to permit credit unions and federal credit unions to place and receive deposits of public funds, respectively.
- The total of public funds deposit permitted is not to exceed, at any time, 25% of the credit union’s assets.
- Municipalities will save millions in fees and services as a result of these changes.
An Act to Strengthen the State Credit Union Charter
H.1033/S.720: Sponsors: Rep. Patricia Haddad (Somerset) and Sen. John Velis (Westfield)
- Addresses bank and credit union mergers and charter conversions with either entity as the survivor.
- Authorizes supplemental capital and expands investment authorities to include leeway, incidental, and the capital growth corporation for state-chartered credit unions.
- Proposes additional transactions, including: purchase and assumption authority and mergers between Massachusetts state-chartered credit unions and out-of-state, state-chartered credit unions.
- These changes are important for Massachusetts to remain competitive compared to the federal charter.
An Act Relative to Growth Opportunities for State Financial Institutions
H.1032/S.623: Sponsors: Rep. Patricia Haddad (Somerset) and Sen. Sal DiDomenico (Everett)
- Authorizes a Savings, Mutual and Cooperative banks to merge with credit union. It would allow credit unions to purchase the assets and/or assume the liabilities, in whole or in part, and a voluntary liquidation by amending relevant bank and credit union law to allow a credit union as the surviving entity in the transaction.
- Permits such a transaction on an expedited basis as may be needed based on existing federal bank regulatory provisions.
April 5, 2022: Joint Letter to Massachusetts House and Senate on Remote Online Notarization
November 2, 2021: Letter to Joint Committee on Financial Services on House 3817, House 3818, House 3819, Senate 692, and Senate 693
November 2, 2021: Letter to Joint Committee on Financial Services on Senate 662, Senate 653, House 1067, House 1099, and House 1138
November 2, 2021: Letter to Joint Committee on Financial Services on House 1126, House 1129, and House 1205
November 2, 2021: Letter to Joint Financial Services Committee on House 1223, Senate 665, and Senate 682
November 2, 2021: Letter to Joint Committee on Financial Services on House 1052
November 2, 2021: Letter to Joint Committee on Financial Services on House 1167, House 1109, and House 1146
November 2, 2021: Letter to Joint Committee on Financial Services on House 1051, House 1168, and Senate 663
November 2, 2021: Letter to Joint Committee on Financial Services on House 1035, House 1054, House 1073, and House 1077
October 26, 2021: Letter to Joint Committee on Financial Services in Support of Senate 656, Senate 735, and House 1108
October 26, 2021: Letter to Joint Committee on Financial Services in Opposition to House 1159
October 26, 2021: Letter to Joint Committee on Financial Services on House 1034
May 10, 2021: 2021-2022 Association Summary of Legislative Proposals with bill numbers and sponsors - May 10, 2021
The Massachusetts Advocacy Committee meets throughout the year to discuss legislative and regulatory priorities, attend events, and deliberate on policy matters. Membership, free and open to employees and volunteers of CCUA-affiliated credit unions, allows your credit union to have a voice to help shape the local and national credit union advocacy platform.
Regulatory Topics
Credit unions are subject to state and federal regulations that govern the full range of their operations. In addition to the two primary credit union regulatory bodies, credit unions must be well informed about the regulations promulgated by a wide variety of other governmental organizations. The CCUA goes far beyond reporting on new initiatives by taking a proactive role in assisting credit unions to work with regulators to build a regulatory environment that will benefit and protect credit unions and their members. Anticipating regulatory change, promoting dialogue between credit unions and regulators, interpreting existing regulation, and acting as an advocate for credit unions in regulatory forums are vital services delivered by the Association.
The Massachusetts Division of Banks provides access to proposed regulations on their website at: www.mass.gov/dob. Postings also contains copies of the Notices of Public Hearings on proposed regulations which indicate the deadlines for comment letters.
April 10, 2020: Massachusetts Division of Banks Letter to Credit Unions-Call Report Process
March 20, 2020: Massachusetts Special Commission Supporting Minority Owned Entities
Parity Regulation: 209 CMR 50:00: Credit Union Parity
Take Action
State Advocacy Committees
Membership
Advocacy Committees maintain open membership free to employees and volunteers of CCUA-affiliated credit unions interested in lending a voice to help shape the local and national credit union advocacy platform. While a consistent advocacy front is important, attendance at every meeting is not mandatory. If credit union directors, CEOs, or staff are interested in attending, upon review of any meeting agenda, then membership and attendance is welcome. Virtual participation is also available.
How to Join
Requests to join an Advocacy Committee:
Advocacy Tools
Grassroots Activities
Locally, CCUA member states represent 4.5 million consumers. Our grassroots platform provides many opportunities for you to get involved and stay engaged.
Contact Us
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