BOSTON – The Massachusetts House of Representatives passed abill July 22 – House 483, An Act Relative to Credit Union Deposits– that seeks to increase the maximum deposit limitations forstate-chartered credit unions and to delete the outdated 6% perannum interest rate cap on deposits. The bill, sponsored on behalfof the Massachusetts Credit Union League by Rep. Michael Rodrigues(D-43) was introduced in January. Among the provisions of themeasure it allows a member having an individual account at a creditunion to have a maximum $100,000 in shares on deposit, or in ajoint account have a maximum of $125,000 in shares on deposit,excluding club deposits. A member of a credit union with $4 millionor more in assets, can hold shares or make deposits in their ownname up to a maximum of $500,000, or in a joint account, up to$600,000. Members of credit unions with $30 million or more canhold shares up to $600,000 or in a joint account up to $1,200,000.Another provision of the bill allows a CU's board of directors todetermine the interest rate paid on deposits. House 483 has beensent to the state Senate.

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