Enhances credit unions' mission and promotes fair competition among financial institutions in Massachusetts.

This bill amends Massachusetts law to enhance the mission of credit unions and promote fair competition among financial institutions. It mandates credit unions to establish written policies for verifying membership qualifications, retain verification documents for new members, and assess compliance with community reinvestment. The bill also requires credit unions with over 25,000 members to provide additional performance records for examination.

Enhances credit unions' mission and promotes fair competition among financial institutions in Massachusetts.

This bill amends Massachusetts law to enhance the mission of credit unions and promote fair competition among financial institutions. It mandates credit unions to establish written policies for verifying membership qualifications, retain verification documents for new members, and assess compliance with community reinvestment. The bill also requires credit unions with over 25,000 members to provide additional performance records for examination.