BOSTON – The Division of Banks has proposed amendments to its credit union rules giving state chartered credit unions parity with federal charters on consumer loan maturities, indirect lending, securities brokerage and services to non-members.
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The proposal would, among other things: increase personal loans from a maximum term of 12 years up to a maximum term of 15 years; authorize indirect mobile home loans; authorize state chartered credit unions to engage in securities brokerage through a credit union service organization; and, authorize additional money transfer services for non-members.
Massachusetts has almost 100 state chartered credit unions.
The state regulator has scheduled a public hearing on the parity proposals for Monday.
