An Act relative to growth opportunities for state financial institutions

This bill modifies Massachusetts laws to allow credit unions to purchase failing mutual or stock banks and assume their deposit liabilities. It establishes a process where a bank's members can vote to dissolve the institution and sell its assets to a credit union through an expedited liquidation procedure. Under the new rules, the credit union would immediately take over the bank's branches, and the bank's depositors would become members of the credit union within two years. The state banking commissioner retains the authority to approve these transactions and oversee the liquidation process.