BOSTON – State chartered credit unions are poised to receive new powers to offer employee benefit plans and payroll services and provide correspondent services under a parity regulation that is expected to be approved by the Division of Banking.
The parity provision also will provide a variety of new powers for CUSOs, including ownership of an insurance agency, the ability to engage in credit card loan originations and to buy and sell credit card portfolios, offer payroll processing, employee leasing services, stored value products, to buy and sell loan participations, and offer check cashing and other lifeline services to non-members within their fields of membership – just as federal charters can do.
The state regulator has a comment period and a public hearing on the parity proposals and is expected to approve them, according to Mary Ann Clancy, chief lobbyist for the Massachusetts CU League.
