Purpose and Scope

The purpose of 209 CMR 50.00 et seq. is to specify authorized powers and activities of credit unions, pursuant to M.G.L. c. 171, §6A, and to establish procedures and requirements, applicable to credit unions seeking to exercise powers granted to or conduct activities authorized for federal credit unions under federal law, to the extent that such powers are not otherwise prohibited. In determining whether or not to authorize any power or activity, the Commissioner shall also determine whether or not competition among credit unions will be unreasonably affected and whether public convenience and advantage will be promoted. A credit union may, under M.G.L. c. 171, §6A and 209 CMR 50.00 et seq., exercise only those powers and engage in only those activities expressly authorized by the Commissioner as set forth in 209 CMR 50.00 et seq. Powers and activities not so authorized are prohibited. 209 CMR 50.00 et seq. shall apply only to credit unions as defined by 209 CMR 50.02. Any power authorized and exercised pursuant to 209 CMR 50.00 et seq. shall be independent from, and in addition to, any other powers granted to credit unions under applicable General Laws, or regulations promulgated thereunder. The express powers granted to credit unions under the General Laws are not limited or otherwise restricted by 209 CMR 50.00 et seq. Any lending power authorized and exercised pursuant to 209 CMR 50.00 et seq. shall be subject to the limitations on total obligations to one borrower found in M.G.L. c. 171, § 58, unless otherwise specified in 209 CMR 50.00.