An Act to allow municipalities to deposit in credit unions

This bill allows Massachusetts municipalities to deposit public funds in credit unions and federal credit unions, expanding their investment options beyond traditional banks. It achieves this by amending state laws to explicitly include credit unions alongside existing financial institutions where towns can place their money. Additionally, the legislation sets a limit requiring that public funds held by any single credit union cannot exceed 25% of that institution's total assets. These changes directly affect local governments and the financial institutions that serve them by broadening the range of eligible places for municipal savings.