Bill Would Allow Banks to Merge or Convert into Credit Unions

A bill (H. 2980) has been introduced in the Massachusetts legislature that would permit state chartered banks to convert or merge into a credit union, according to Banker & Tradesman.

A hearing on the bill was held on October 24 by the Joint Committee on Financial Services.

The Massachusetts Bankers Association stated that it was not opposed to a two-way street allowing a bank to convert to a credit union. However, the association noted that a bank to credit union conversion is complex and could result in less tax revenue for the state.

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