Bill Enables Credit Unions to Become Banks
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| Postal Community Credit Union officials are hoping pending legislation will allow the institution to convert to a federally chartered mutual savings bank. Pictured is the credit union’s main branch, located inside the U.S. Postal Service building at South Station in Boston. |
By Andrea Gregory
Bankers have long argued that some credit unions operate too much like banks while enjoying a tax-exempt status. But one area credit union has faced numerous obstacles in its quest to actually become a bank. Legislation now rapidly working its way through Beacon Hill could change that, however, paving the way for Boston-based Postal Community Credit Union and others to make the conversion.
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