Bill
Bill > H3675
MA H3675
MA H3675Relative to interstate branching of a credit union and the Massachusetts Credit Union Insurance Corporation
summary
Introduced
03/27/2019
03/27/2019
In Committee
04/04/2019
04/04/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
191st General Court
Bill Summary
By Mr. Kafka of Stoughton, a petition (subject to Joint Rule 9) of Louis L. Kafka, Steven S. Howitt and James K. Hawkins that the Massachusetts Credit Union Share Insurance Corporation be authorized to create and maintain a fund for the insurance of shares and deposits of members of the Central Credit Union Fund, Inc. Financial Services.
AI Summary
This bill amends the laws governing the Massachusetts Credit Union Share Insurance Corporation (MCUSIC) in several ways:
1. It expands the geographic scope of MCUSIC to allow it to insure credit unions chartered in other New England states (Maine, New Hampshire, Vermont, New York, Connecticut, and Rhode Island) in addition to Massachusetts.
2. It updates the definitions of "Excess Member," "Federally Chartered Credit Union," and "State Chartered Credit Union" to reflect the expanded geographic scope.
3. It allows MCUSIC to examine and supervise "Excess Member" credit unions, including those outside of Massachusetts, to evaluate their risk to the insurance fund.
4. It requires Excess Member credit unions to obtain MCUSIC and regulatory approval before merging, consolidating, purchasing assets/liabilities of other institutions, or establishing out-of-state branches.
5. It allows MCUSIC to invest up to 15% of its assets in investments not specifically enumerated in the law, with commissioner approval and oversight, to potentially enhance the fund's returns.
Committee Categories
Business and Industry
Sponsors (3)
Last Action
Accompanied a study order, see H5160 (on 12/01/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/191/H3675 |
| Bill | https://malegislature.gov/Bills/191/H3675.pdf |
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