An Act enhancing the mission of credit unions and promoting fair competition among financial institutions

HD 850 updates Massachusetts credit union regulations to strengthen community service and membership transparency. It requires credit unions to assess community reinvestment efforts across their entire service area (not just local branches) and mandates foreign credit unions establishing branches to submit compliance plans or strategic service plans. The bill also sets new rules for membership by-law changes, requiring a 3/4 member vote, minimum 5% participation, and prohibiting proxy voting, while forcing credit unions with over 25,000 members to offer electronic voting at meetings. Additionally, credit unions must create written policies for verifying membership qualifications and retain verification documents for examiner review.