Massachusetts
REGULATING AGENCY: Massachusetts Division of Banks
Massachusetts State House
- Mary Gallagher, Commissioner
- Jay Bienvenu, Senior Deputy Commissioner
- Website: mass.gov/orgs/division-of-banks
ACCREDITED: 1996
LEAGUE: Cooperative Credit Union Association
- Ron McLean, President/CEO
- Website: ccua.org
PRIVATE SHARE INSURANCE: No
2023 STATS
- Largest SCU: METRO CU $3.23B in assets
- Largest FCU: DIGITAL FCU $11.96B in assets
| Second Quarter 2023 | SCUs | FCUs | Total CUs | % of SCUs/Total |
|---|---|---|---|---|
| Total Credit Unions | 51 | 84 | 135 | 37.78% |
| Credit Union Members | 1.16M | 2.23M | 3.39M | 34.28% |
| Credit Union Assets | $22.63B | $31.27B | $53.90B | 41.99% |
FUN FACT
Sixteen of the top 25 windiest U.S. cities are located here. It’s a good thing Boston has the T to protect people from cold and windy weather. In fact, Boston established the country’s first subway system in 1897.
RECENT NEWS
Massachusetts Credit Union, Lighthouse Biz Solutions, Receives Certification for Cannabis and Hemp Banking Protocols
Courtesy of PRNewswire
May 26, 2023 — The Policy Center for Public Health & Safety (PH&S) today announced that Massachusetts-based Lighthouse Biz Solutions, a wholly owned subsidiary of GFA Federal Credit Union, is the first east coast financial institution to become certified for outstanding U.S. monetary banking protocols in banking cannabis and hemp operations.
The honor is part of a financial services certification program overseen by the Policy Center for Public Health & Safety (PH&S) in collaboration with state attorneys general and endorsed by Safe Harbor Financial.
“The marijuana industry continues to expand in Massachusetts, and it is important to have banking safeguards to mitigate illicit and criminal conduct. This is an important first step in partnering with legally compliant businesses in the marketplace,” said Karl Racine, former Attorney General of the District of Columbia, and current Board member of Safe Harbor Financial. Read more
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