Bill > H3933

This bill updates and clarifies various provisions related to the Massachusetts Credit Union Share Insurance Corporation (MCUSIC), expanding its operational capabilities and regulatory oversight. The bill modifies definitions for credit unions, including expanding the geographic scope of eligible credit unions to include those from several northeastern states. It provides MCUSIC with more flexible powers, such as allowing the board to borrow money, invest in a wider range of assets (up to 15% in non-specifically enumerated investments), and provide financial assistance to member credit unions in distress. The bill also establishes new procedures for credit unions to convert to or merge with other financial institutions, including mutual savings banks and cooperative banks, with detailed requirements for member notification, voting, and regulatory approval. Additionally, the bill grants credit unions expanded investment authorities, such as the ability to invest in asset-backed securities, participate in certain organizational activities, and collaborate with other financial entities for operational services. The changes aim to provide more flexibility, strengthen risk management, and modernize the regulatory framework for credit unions in Massachusetts.

Budget and Finance, Business and Industry

https://malegislature.gov/Bills/194/H3933