MA S585

Bill

Relative to the investment authority of the Massachusetts Credit Union Share Insurance Corporation

Introduced
01/23/2017

In Committee
01/23/2017

Crossed Over

Passed

Dead
12/31/2018

Introduced Session

190th General Court

Bill Summary

For legislation relative to the investment authority of the Massachusetts Credit Union Share Insurance Corporation. Financial Services.

AI Summary

This bill proposes to expand the investment authority of the Massachusetts Credit Union Share Insurance Corporation (MCUSIC). Specifically, it allows MCUSIC, upon a two-thirds vote of its board of directors, to make investments under the "prudent person" authority in a wider range of assets beyond those currently enumerated in existing law, up to 25% of its total assets, with any single issuer not exceeding 5% of its assets. The bill also authorizes MCUSIC to use registered investment advisers to acquire or dispose of these investments on its behalf.

Committee Categories

Business and Industry

Sponsors (5)

David DeCoste (R), Pat Haddad (D), Michael Rodrigues (D), Paul Schmid (D), Alan Silvia (D),

Last Action

Accompanied a study order, see S2496 (on 04/30/2018)

Official Document

https://malegislature.gov/Bills/190/S585

(9 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://malegislature.gov/Bills/190/S585
Bill	https://malegislature.gov/Bills/190/S585.pdf

Bill	Bill Name	Last Action	Type
H1123	To allow municipalities to invest in credit unions	No further action taken	Similar To
H2528	To increase membership in the PRIM board	Accompanied a study order, see H4654	Similar To
S1123	Authorizing municipal use of the prudent investor standards	Bill reported favorably by committee and referred to the committee on Senate Ways and Means	Similar To
S1496	To invest in our communities	Accompanied a study order, see S2497	Similar To
S1511	To promote high-impact community investment	Accompanied a new draft, see H3853	Similar To
S1528	Stimulating small business investment	Accompanied a study order, see S2497	Similar To
S2496	Order relative to authorizing the joint committee on Financial Services to make an investigation and study of certain current Senate documents relative to financial services issues	Discharged to the committee on Senate Rules	Replaced by
S541	To protect credit unions	Accompanied a study order, see S2496	Similar To
S584	Relative to interstate branching of a credit union and the Massachusetts Credit Union Share Insurance Corporation	Accompanied a study order, see S2496	Similar To

Bill > S585

MA S585

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (5)

Last Action

Official Document

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