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