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Can you summarize 209 CMR 58?
Division of Banks and Loan Agencies > Credit union branching
Short Summary
The provided legal document content pertains to the requirements and procedures for credit unions in Massachusetts to establish branch offices within the Commonwealth and in certain neighboring states. The document, 209 CMR 58.00, establishes the application and notice authorities for Massachusetts-chartered credit unions to establish a branch office up to 100 miles from their main office within the Commonwealth, as well as in Connecticut, Maine, New Hampshire, New York, Rhode Island, or Vermont, subject to conditions set by the Commissioner. It also outlines the application requirements for foreign credit unions and notice requirements for out-of-state federal credit unions with a principal place of business in these states to establish a branch office in Massachusetts, subject to conditions set by the Commissioner. The document provides definitions for key terms such as Commissioner, Commonwealth, Credit Union, Massachusetts-chartered Credit Union, Foreign Credit Union, NCUA, and Out-of-state Federal Credit Union. In order for a Massachusetts-chartered credit union to engage in branching and interstate branching, it must meet eligibility standards related to financial requirements and satisfactory CRA rating. The document specifies the application and timing requirements for Massachusetts-chartered credit unions and foreign credit unions seeking to establish a branch within 100 miles of their main office in the specified states. It also outlines the notice requirements for out-of-state federal credit unions seeking to establish a branch in Massachusetts. The activities of a branch of a foreign credit union located within the Commonwealth are subject to all applicable laws governing Massachusetts credit unions and may be examined by the Commissioner. The regulatory authority for 209 CMR 58.00 is M.G.L. c. 171, 8A, as added by St. 2014, c. 466, 1; St. 2014, c. 466, 2 and 4.
Whom does it apply to?
Massachusetts-chartered credit unions, foreign credit unions, and out-of-state federal credit unions
What does it govern?
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
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Massachusetts