Bill > H5230

This bill amends the law governing the Massachusetts Credit Union Share Insurance Corporation (MCUSIC) in several ways. Firstly, it changes the composition of MCUSIC's board of directors, requiring that a majority of the directors be presidents or chief executive officers of member credit unions, while also allowing for the election of outside directors with relevant expertise. Secondly, it expands the types of financial assistance MCUSIC can provide to member credit unions, including making deposits, assuming liabilities, and guaranteeing against losses, up to 5% of the member's deposits or $500,000. Finally, it updates the investment options for MCUSIC's funds, allowing it to invest in shares or deposits of credit unions insured by the National Credit Union Administration.

House Committee on Ways and Means (H)

https://malegislature.gov/Bills/191/H5230