Bill > H4658

This bill amends the Massachusetts Credit Union Share Insurance Corporation law to make several changes. It requires the board of directors to meet at least quarterly and establishes a quorum. It allows the corporation to borrow money and pledge its assets as security. It deems the corporation to be an "organization member" of its member credit unions, allowing those credit unions to lend money to the corporation. The bill also expands the investment authority of the corporation, allowing it to invest in a wider range of assets and to use investment advisers, subject to the approval and oversight of the state commissioner. Additionally, the bill expands the financial assistance the corporation can provide to member credit unions, including purchasing assets, making loans, and providing other forms of support to help struggling credit unions.

Budget and Finance

Joint Committee on Financial Services (Joint)

https://malegislature.gov/Bills/193/H4658