Massachusetts Legislative Advocacy
Credit unions operate within strict legal and regulatory frameworks. The success of individual credit unions and the credit union movement is dependent upon maintaining open lines of communication.
The Association’s legislative and regulatory efforts are focused on the twin tasks of preserving a legal/regulatory environment that is conducive to the success of Massachusetts’ credit unions and helping credit unions function within that environment.
The Association acts as an advocate for the credit unions of Massachusetts, making certain that the needs of credit unions and their members are well known and clearly understood to the lawmakers and regulators who draft the laws and rules which govern the operation of credit unions. That proactive position involves formulating and drafting legislation, laws, and regulations that allow credit unions to continue in their role as an effective and friendly financial resource for consumers. Defending credit unions from legislative assaults mounted by competitors seeking to use the Legislature in order to gain advantages in the marketplace is an equally important function.
Working with the NCUA, Division of Banks, and the numerous other regulatory bodies that credit unions interact with is an equally important function for the Association. Key activities include: commenting on pending regulatory changes, establishing dialogue with regulators concerning important industry issues and trends, and assisting credit unions in interpreting existing regulations.