Ask Reggi Your Question Now
Can you summarize 209 CMR 50?
Division of Banks and Loan Agencies > Parity with federal credit unions
Short Summary
This document, 209 CMR 50.00, governs the authorized powers and activities of credit unions in Massachusetts. It applies to credit unions as defined by 209 CMR 50.02. The purpose of this document is to establish procedures and requirements for credit unions seeking to exercise powers granted to or conduct activities authorized for federal credit unions under federal law, to the extent that such powers are not otherwise prohibited. The Commissioner will determine whether to authorize any power or activity based on its impact on competition among credit unions and whether it promotes public convenience and advantage. Credit unions may only exercise powers and engage in activities expressly authorized by the Commissioner. Any powers authorized and exercised under this document are independent from and in addition to any other powers granted to credit unions under applicable Massachusetts General Laws or regulations. However, any lending power authorized and exercised under this document is subject to the limitations on total obligations to one borrower found in M.G.L. c. 171, 58, unless otherwise specified in 209 CMR 50.00. The document provides definitions for important terms used in 209 CMR 50.00 and outlines the application and notice processes for credit unions to engage in specific activities in Massachusetts. It also addresses the activities and requirements related to Credit Union Service Organizations (CUSOs). Overall, this document provides guidance on the powers, activities, and requirements for credit unions in Massachusetts.
Whom does it apply to?
Credit unions in Massachusetts
What does it govern?
Authorized powers and activities of credit unions in Massachusetts
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Massachusetts