Bill > H5150

This bill amends the Massachusetts Credit Union Share Insurance Corporation's (CCUIC) governing law in several ways: 1. It requires the CCUIC's board of directors to meet at least quarterly and establishes a quorum of a majority of directors. 2. It expands the CCUIC's authority to provide financial assistance to member credit unions, including through asset purchases, loans, deposits, liability assumptions, and other means to address issues of viability or solvency. 3. It allows the CCUIC to borrow money from members and others and pledge its assets as security. 4. It deems the CCUIC to be an "organization member" of its member credit unions, allowing those credit unions to lend money to the CCUIC. 5. It broadens the CCUIC's investment authority, including allowing investments in stocks, bonds, and other securities, subject to approval by the banking commissioner and certain limits. The overall goal of the bill is to strengthen the CCUIC's ability to support and stabilize its member credit unions in Massachusetts.

Budget and Finance

House Committee on Ways and Means (House)

https://malegislature.gov/Bills/193/H5150