Bay State Bill Would Lift Cap On CUDeposits

BOSTON - (07/23/04) -- The state House approved a billWednesday that would lift the decades-old limit on individualdeposits in a credit union from the current $250,000 per person,based on how big a credit union is. The bill would set a limit of$500,000 for credit unions between $4 million and $30 million inassets, and of $600,000 for credit unions over $30 million. Thebill would also lift the 6% cap on interest and leave that to thediscretion of the board of directors. The measure now moves to thestate Senate.