Mass. governor signs CU-to-bank conversion bill

BOSTON (1/5/07)--A state bill that would authorize and regulate the conversion of state credit unions to banks was signed into law Dec. 22 by Massachusetts' outgoing governor, Mitt Romney.

Massachusetts HB 5357, sponsored by Anthony W. Petrucelli, was enacted by the state's House of Representatives on Dec. 11 and by the Senate on Dec. 14, according to LegAlert (Dec. 22).

The law authorizes a credit union to convert to a mutual savings bank or a mutual cooperative bank, and establishes the rules for filing with the state credit union commissioner, the National Credit Union Administration or a regional director. (CUNA News Now)