BOSTON – The Massachusetts House of Representatives passed a bill July 22 – House 483, An Act Relative to Credit Union Deposits – that seeks to increase the maximum deposit limitations for state-chartered credit unions and to delete the outdated 6% per annum interest rate cap on deposits. The bill, sponsored on behalf of the Massachusetts Credit Union League by Rep. Michael Rodrigues (D-43) was introduced in January. Among the provisions of the measure it allows a member having an individual account at a credit union to have a maximum $100,000 in shares on deposit, or in a joint account have a maximum of $125,000 in shares on deposit, excluding club deposits. A member of a credit union with $4 million or more in assets, can hold shares or make deposits in their own name 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 can hold 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 to determine the interest rate paid on deposits. House 483 has been sent to the state Senate.

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