Interstate Branching Bill Passed in Massachusetts

January 8, 2015 The Massachusetts Legislature passed a regional interstate banking and branching measure permitting Massachusetts state credit unions to branch in the New England area.

The measure provides for authorization of branching into Connecticut, Maine, New Hampshire, New York, Rhode Island, or Vermont; expansion of the branching radius to 100 miles of the main office outside of the county; a delayed effective date to October 1, 2015; and a limit on applications of one per 12-month period.

The law requires Massachusetts Commissioner of Banks David Cotney to promulgate regulations by July 1, 2015.


 

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