Bill > H3819

This bill amends the Massachusetts Credit Union Share Insurance Corporation (MSIC) law to expand the geographic reach of the MSIC's insurance coverage. The key provisions are: 1. Allows the MSIC to insure shares and deposits of credit unions chartered in Maine, New Hampshire, Vermont, New York, Connecticut, and Rhode Island, in addition to Massachusetts and federally chartered credit unions with their principal place of business in these states. 2. Defines "excess member" to include inactive members, federally chartered credit unions, and state-chartered credit unions whose excess shares and deposits are insured by the MSIC. 3. Requires excess members to provide examination reports and other information to the MSIC, be subject to supervision and examination by the Commissioner of Banks, and obtain approval for mergers, acquisitions, and branching into other states. 4. Allows the Commissioner to consider various factors, such as information sharing agreements and potential risk to the insurance fund, when determining whether to approve an excess member's application. The bill aims to diversify the risk in the MSIC's insurance fund by expanding the pool of insured credit unions beyond just Massachusetts-chartered institutions.

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https://malegislature.gov/Bills/192/H3819