Application Process to Conduct Certain Activities

(1) General. A credit union that meets the requirements of 209 CMR 50.04(1) may engage in any activity listed under 209 CMR 50.05(3) by submitting an application to, and receiving written approval from the Commissioner before commencing the activity. (2) Application. The application must include: (a) a complete description of the credit union's proposed activity, (b) the credit union's investment in such activity, (c) a description of the business purpose, (d) a description of the anticipated financial and business impact, (e) the written policies required by 209 CMR 50.04(2), and (f) a confirmation that the activity will be conducted in accordance with Massachusetts and federal law. The application must also provide any other information the Commissioner may require. (3) Activities subject to application and approval. A credit union may engage in the following activities pursuant to application and approval requirements of 209 CMR 50.05: (a) Subordinated Debt. A credit union may engage in subordinated debt activities as authorized pursuant to 12 CFR Part 702, Subpart D, including meeting the eligibility standards and complying with the procedural and substantive requirements contained therein. (b) Authority to Engage in an Activity that is Not Authorized as within a Credit Union’s Incidental Powers. A credit union may submit an application pursuant to this section to engage in activities as set forth in 12 CFR 721.4 that may be within the credit union’s incidental powers but that would not be authorized pursuant to 209 CMR 50.07(2)(h).