Massachusetts H1078 allows municipalities to deposit funds in credit unions.
Massachusetts H1078 amends the state's General Laws to allow municipalities to deposit funds in credit unions. The bill modifies several sections to include credit unions as eligible institutions for municipal deposits, alongside banks and cooperative banks. It also specifies that credit unions and federal credit unions can accept public funds, with a cap of 25% of their total assets. This change aims to provide municipalities with more options for managing their financial resources.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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