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On January 7, 2015, an “Act Relative to Credit Union Branching” was approved permitting Massachusetts Credit Unions to maintain one or more branch offices or depots outside of Massachusetts. MGL Chapter 171 §8 was repealed and rewritten to authorize the establishment of branches in Connecticut, Maine, New Hampshire, Rhode Island, Vermont and New York. Currently, a credit union must be located either in the county where the credit union’s main office is located or within 50 miles of the credit union’s main office in a city or town in another county in Massachusetts.

Subject to the approval of the Massachusetts Commissioner of Banks, Massachusetts credit unions are limited to applying for an out-of-state branch only once per 12 month period.  The Act also requires that the out of state branch must be located within 100 miles of the credit union’s main branch. Additionally, credit unions from other states will be allowed to open branches in Massachusetts after inspection, examination and the approval of the Massachusetts Commissioner of Banks.

Prior to the effective date of October 1, 2015, the Act requires rules and regulations to be finalized by the Massachusetts Commissioner of Banks by July 1, 2015.

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