Section 58.03 - Eligibility Standards for Massachusetts-chartered Credit Unions for Branching and Interstate BranchingIn order for a Massachusetts-chartered credit union to qualify to engage in branching and interstate branching, it has to meet the following eligibility standards:
(1)Financial Requirements. A Massachusetts-chartered credit union must be adequately or well capitalized as defined pursuant to the Federal Credit Union Act and regulations promulgated by the NCUA, and must not have been notified that it is in troubled condition by the Division or the NCUA pursuant to the Federal Credit Union Act and regulations promulgated by the NCUA.(2)Satisfactory CRA Rating Requirement. Any Massachusetts-chartered credit union must have received at least a satisfactory CRA rating at the most recent examination conducted by the Commissioner pursuant to M.G.L. c. 167, § 14.Adopted by Mass Register Issue 1293, eff. 8/14/2015.