[{"_1":2,"_100":-5,"_101":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76,88],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6073159,"mediaKeyId","2995179-e4843cfaa81cd5ba15760012b71ec2aa","parentId",2995179,"title","Banks, credit unions clash over bills to allow municipal deposits and modernize charters; UCC update draws support","audioSeconds",2589,"startMs",423000,"endMs",3012000,"viewUrl","/Search/View?dp=1&key=2995179-e4843cfaa81cd5ba15760012b71ec2aa&start=423&end=3012","thumbnailUrl","https://assets.pipeline.soar.com/2995179-e4843cfaa81cd5ba15760012b71ec2aa/thumbnail_423000.jpg","articleUrl","/articles/6073159/Massachusetts/Banks-credit-unions-clash-over-bills-to-allow-municipal-deposits-and-modernize-charters-UCC-update-draws-support","mediaUrl","https://secure.pipeline.soar.com/6073159-f83ad5329389c13c2970cf698b0326ce/orig.mp4?Expires=1770818260&Signature=IZPBhJQ2sd3LNELh-alqEDjmqecXjYTqo4sJdMLhp27nmLK6ILmYsRTu2sANFldYEdBvoUs4s6cNzlJDZjOZKP8rmUC-OsD6w1iH7-ltiVdNmDC1JaletqAPd4QrCU4TQUeZf-In0-8khpjjUtGveOXvZaaazROozE7Vyyhsn6aSM1kklTC1ay9vmcYmTImsg4up1RAUNzA54ig3wjd~VHnzWo~M0ajXxc2-U86k495oQA3mwR7hbFmY3NoNWJ22i47ME47yVx~zdfSp9FQ9DnhBPoqwFAWEvT4VhUWlYIDrRSebIl8T9Q5H6kAL0a6puBEPWcHWhE5sHemIMdn-Hw__&Key-Pair-Id=KUT5TJCACFTXG","author","Massachusetts Legislature","date","2025-04-15T00:00:00Z","article","Representatives of banking and credit‑union trade groups and business associations presented sharply different views on several bills before the committee, including measures to allow municipal deposits in credit unions and to amend state law so credit unions could remain not‑for‑profit after certain mergers.

Brad Avlado, identified in testimony as executive vice president of the Massachusetts Bankers Association, described broad industry concern about proposals that would expand credit unions’ powers. He said the association “strongly oppose[s] any efforts that the credit unions want to be a surviving entity in case where a bank and credit union merge” because that would allow a non‑taxpaying entity to be the surviving institution after a merger and could reduce tax revenue and competitive balance.

The bankers’ witness listed bills the association opposed — including H.1079 and S.837 (merger and charter changes) and H.1078 and S.766 (allowing municipal deposits) — and asked for parity (equal tax and regulatory obligations) if credit unions received broader powers.

Credit union advocates countered that the bills would modernize choices for municipalities and members. Representative who filed the bills explained H.1078 would permit municipalities to deposit with credit unions and would limit public deposits to 25 percent of a credit union’s assets; supporters described the change as modernizing older statute language. Jessica Avery, director of advocacy for the Cooperative Credit Union Association, testified that H.1078/H.1079 and companion Senate bills “eliminate barriers to choice for municipalities and businesses” and would align state law to permit transactions municipalities already undertake informally.

Separately, proponents of a Uniform Commercial Code update (bills H.1282/S.684) said electronic business requires statutory updates. Carolyn (managing director) told the committee the amendments would modernize the UCC for electronic transactions and align Massachusetts with other states that have adopted similar changes.

Committee members heard both procedural and policy arguments: bankers emphasized tax and public‑fund concerns if credit unions accessed municipal deposits or acquired banks; credit unions emphasized member choice and modernization. No formal committee vote on these bills was taken during the hearing.","mediaType","Video","parentTitle","Joint Committee on Financial Services - 4-15-2025","oneSentenceSummary","Industry witnesses debated measures including H.1078/H.1079 (allow municipal deposits in credit unions; strengthen credit union charters) and a Uniform Commercial Code update (H.1282/S.684). Bank trade groups opposed expansion of credit union powers; credit union advocates and business groups supported modernization and municipal choice.","taxTitle","2025 Legislature MA, Massachusetts","taxId",77682,"location","Massachusetts","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6073164,"Senator urges passage of Debt Collection Fairness Act to limit wage seizure, judgments and civil arrests",589,3716000,4305000,"/Search/View?dp=1&key=2995179-e4843cfaa81cd5ba15760012b71ec2aa&start=3716&end=4305","https://assets.pipeline.soar.com/2995179-e4843cfaa81cd5ba15760012b71ec2aa/thumbnail_3716000.jpg","/articles/6073164/Massachusetts/Senator-urges-passage-of-Debt-Collection-Fairness-Act-to-limit-wage-seizure-judgments-and-civil-arrests","https://secure.pipeline.soar.com/6073164-68de2d3c0309faa2fbfe9e37b607c81a/orig.mp4?Expires=1770818260&Signature=FDeNCCyV0DzxR3SlTPQZ42A5oNoubyE9VBlZtuhErDDKxGMvB530WFoTK0NhCGrpzdhI2RMJMsDQ0j0zbD4GGCEfxFlwXEkvIUoCcn5lvYKGiCZmFPkVer0JX2Yj~MheB87AHJeFya0G49xoCHx02UFm0t-Q2R1b6KTtl1I5CKOP~v0fN-q-q0exgOUtxzmWJDt6xxKPJhb2QoUyCXZuFE8Pd5JR4zR5tKXiYiS8wHDlnhbIGZlDsGjR3ZscFBtxiXuljpqaDhrdCyAWHo3FAFYfcWT5Bpo3J-qAL-ekzKbnhXPiFGlaBSx1nzXv5YvP3MAK2EJy00IpyR38KdzQaQ__&Key-Pair-Id=KUT5TJCACFTXG","A state senator and legal advocates told a legislative committee that reforms in the Debt Collection Fairness Act would protect low‑ and middle‑income residents from practices that push families into bankruptcy or loss of housing.

Senator (name given in testimony) said S.735 and H.1275 would update long‑dated consumer protections, including exempting enough wages to cover basic needs, reducing judgment interest rates and prohibiting imprisonment for failure to pay a consumer debt. The senator told the committee the measure was filed with Representative Christine Barber and Representative Tron Nguyen and has the attorney general’s support.

The testimony described how current collection tools can worsen a household’s financial position. “Right now, creditors can ask the court to order an employer to seize wages from an employee for older debts, often credit card debts, medical emergencies,” the senator said while urging reform so people “can continue to earn enough money to pay those bills.”

Legal advocates described the scale of debt‑collection cases in Massachusetts courts. Todd Kaplan, speaking for legal services clients active in multiple courts, said roughly 60% of civil filings across some courts are debt‑collection matters and that high judgment interest rates and low protected earnings make it nearly impossible for some households to escape a debt spiral.

The bill would set procedural and substantive guardrails: raise wage protections so creditors cannot take so much of an employee’s pay that the household cannot meet basic needs, reduce the statutory interest rate on judgments that can otherwise compound debts, and explicitly bar any imprisonment for failure to pay a consumer debt.

Sen. Aldridge noted data showing civil arrest warrants tied to nonpayment have been issued in the past and said the bill would remove the remaining mechanisms that can lead to incarceration for consumer indebtedness. He asked the committee to report the bill favorably.","Sen. Joseph Aldridge (testimony) and legal advocates urged support for S.735 / H.1275 to protect consumers from aggressive debt‑collection practices by preserving wages, lowering judgment interest and banning imprisonment for failure to pay consumer debt.",{"_33":89,"_35":36,"_37":38,"_39":90,"_41":91,"_43":92,"_45":93,"_47":94,"_49":95,"_51":96,"_53":97,"_55":56,"_57":58,"_59":98,"_61":62,"_63":64,"_65":99,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6073169,"Mass. residents, advocates urge enactment of statewide foreclosure‑prevention mediation program",5522,1678000,7200000,"/Search/View?dp=1&key=2995179-e4843cfaa81cd5ba15760012b71ec2aa&start=1678&end=7200","https://assets.pipeline.soar.com/2995179-e4843cfaa81cd5ba15760012b71ec2aa/thumbnail_1678000.jpg","/articles/6073169/Massachusetts/Mass-residents-advocates-urge-enactment-of-statewide-foreclosureprevention-mediation-program","https://secure.pipeline.soar.com/6073169-361063b91cf0fcd2067f196134adbb37/orig.mp4?Expires=1770818260&Signature=GlR8z1-FeinMRB2SYlQ2veajMGB2z9awIooBbbaV-CL-SulqyD-2pP3SgFs~cv6inbCjOlOR91-j-OwTp3Z~hnTKrCGpHujA8qKTnMIAAzj7YKMWrwCM9QtNeXylI3EbuqbizJDwj8WghD8BIzmlz9yHc~nGjt~Bx3SzRXivfOtJraey6oFlMo0TLVyyPDlbudZvvFnTX6gsKtdIodg0UjoWLrL213sWYVzDjYEhMyFNUCrDaqcEEiVwdXgScO0g5HyOw-y78BZjLf49m7ukTh67CJpNRoKJyNuifV74N2lR7I1t6-tsDuBceJ376T9w3bWu8c6IsLVCpYVXY8mkuw__&Key-Pair-Id=KUT5TJCACFTXG","Supporters of a proposed Massachusetts foreclosure‑prevention program told a legislative committee that requiring loan servicers to participate in pre‑foreclosure mediation would keep families in their homes and reduce community displacement.

Derwin Gordon, a lifelong Dorchester resident, told the committee “this bill would establish a statewide foreclosure prevention program to require servicers to participate in pre foreclosure mediation with homeowners to explore alternatives to foreclosures that would make it possible for homeowners like me and my family to stay in our homes.”

Advocates said the program — carried in S.765 and H.1090 — would require servicers to hold good‑faith conferences with eligible homeowners to review options such as loan modification, assistance funds, or placing missed payments at the end of the loan. They described the proposal as a targeted, self‑funded program that preserves lenders’ ability to recover money while adding an extra step to identify alternatives before foreclosure.

City Life/Vida Urbana community organizer Katie McCann testified that many foreclosure cases could be resolved if lenders were willing to mediate and that displacement has demonstrable negative health impacts on families and communities.

Rose Webster Smith, director of Springfield No. 1 Leaves, described her experience: after five years of fighting eviction she “won my house back” and said mediation would remove confusion about who to contact when servicers and note holders are different entities.

Local organizers and legal advocates pointed to prior local programs as evidence the approach works. Isaac Simon Hodes, executive director of Lynn United for Change, said the city’s mediation pilot showed strong results: “they found that while the program operated 97 percent of the cases that reached an in person mediation, were concluded with a foreclosure alternative, typically keeping the families in their homes.”

Witnesses also described common barriers for homeowners: confusing notices, delayed or contradictory information from multiple servicer representatives, language access issues and difficulty reaching decision‑makers with authority to offer alternatives. Several said mortgage servicing practices and the sale of loans among servicers and trusts make it difficult for homeowners to identify the correct counterparty.

Speakers urged the committee to move S.765 and H.1090 forward as part of a broader set of housing protections, including tenant protections and measures to prevent displacement. They said a statewide program would standardize a process that some cities have adopted locally and would extend mediation’s benefits to communities across Massachusetts.

Committee chairs accepted testimony and closed the hearing without taking formal action on the bills at that session.","Homeowners, tenant and housing advocates testified in support of S.765 / H.1090, saying a statewide foreclosure‑prevention program that requires servicers to participate in pre‑foreclosure mediation would keep families in their homes and reduce displacement.","actionData","errors"]

Article not found

Banks, credit unions clash over bills to allow municipal deposits and modernize charters; UCC update draws support

Senator urges passage of Debt Collection Fairness Act to limit wage seizure, judgments and civil arrests

Mass. residents, advocates urge enactment of statewide foreclosure‑prevention mediation program