An Act to strengthen the state credit union charter

This bill (HD 2980) allows mutual banks and credit unions in Massachusetts to merge or convert into credit unions more easily. It permits mutual banks to convert into credit unions without meeting standard organizational requirements, with 2/3 board approval and commissioner oversight, and requires depositors to become members within 2 years. Credit unions gain new investment options, including up to 10% of assets in certain securities, related financial services, or the Massachusetts Capital Growth Corporation. The bill also creates pathways for credit unions to merge with savings banks or co-op banks, and outlines conversion rules for mutual savings banks to become credit unions or vice versa, with specific timelines and commissioner approval processes. These changes streamline institutional restructuring while maintaining regulatory oversight.