Massachusetts

REGULATING AGENCY: Massachusetts Division of Banks

Massachusetts State House

ACCREDITED: 1996

LEAGUE: Cooperative Credit Union Association

  • Ron McLean, President/CEO
  • Website: ccua.org

PRIVATE SHARE INSURANCE: No


2023 STATS 
  • Largest SCU: METRO CU $3.34B in assets
  • Largest FCU: DIGITAL FCU $11.98B in assets
Third Quarter 2023 SCUs FCUs Total CUs % of SCUs/Total
Total Credit Unions 51 82 133 38.35%
Credit Union Members 1.16M 2.25M 3.41M 34.14%
Credit Union Assets $22.62B $31.29B $53.91B 41.96%

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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