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As we told you back in March in Credit Unions Branching Out, Massachusetts has a new law  (MGL c.171, s.8, as added by St.2014, c.466) governing Credit Unions opening branches. This month, the Division of Banks issued the applicable regulations at 209 CMR 58. According to the regulations:

“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.”

You can find more information on the laws affecting credit unions and banks at our Mass. Law About Credit and Banking.

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