An Act to allow municipalities to deposit into credit unions

This bill allows Massachusetts municipalities to deposit their public funds into credit unions and federal credit unions, expanding the types of financial institutions they can use beyond traditional banks. It achieves this by amending existing state laws to explicitly include credit unions alongside federal savings banks and cooperative banks in provisions governing public fund deposits and investments. Additionally, the legislation sets a limit, ensuring that a credit union's total public funds cannot exceed 25% of its assets at any given time. The primary beneficiaries are local towns and cities seeking to diversify where they keep their money, while the key constraint is the cap on the proportion of public money any single credit union can hold.