An Act relative to Massachusetts Credit Union Share Insurance Corporation

This bill amends the laws governing the Massachusetts Credit Union Share Insurance Corporation to expand its operational flexibility and oversight. It requires the corporation's board of directors to meet at least quarterly and grants the corporation authority to borrow money and pledge assets as security. The legislation also allows the corporation to invest up to 15 percent of its assets in non-traditional investments and hire registered investment advisers, subject to approval by the state commissioner. Additionally, the bill enables the corporation to provide various forms of financial assistance to struggling member credit unions, including purchasing assets, making loans, and depositing funds into reserve accounts, provided these actions are approved by the commissioner.