Bill > H5026

This bill makes several changes to the laws governing the Massachusetts Credit Union Share Insurance Corporation (MCUSIC): 1. It allows credit unions chartered in Maine, New Hampshire, Vermont, New York, Connecticut, or Rhode Island, or federally chartered credit unions with their main office located in those states, to become members of MCUSIC. 2. It authorizes the Commissioner of Banks to promulgate regulations related to regular or excess members of MCUSIC, including required information and criteria to assess the potential impact on the share insurance fund. 3. It allows MCUSIC to insure the excess shares and deposits of federally chartered credit unions and state-chartered credit unions from the specified states to the same extent as Massachusetts state-chartered credit unions. 4. It subjects excess members to supervision and examination by the Commissioner of Banks, who can take actions to address risks to the share insurance fund. 5. It requires excess members to obtain approval from MCUSIC and the Commissioner before merging, consolidating, purchasing assets, or establishing branches outside of Massachusetts. 6. It allows MCUSIC, with the Commissioner's approval, to make investments not specifically enumerated in the law, up to 15% of its assets, and to use investment advisers to manage those investments.

https://malegislature.gov/Bills/190/H5026