An Act relative to the Massachusetts Credit Union Share Insurance Corporation

This bill amends the laws governing the Massachusetts Credit Union Share Insurance Corporation to strengthen its ability to support struggling member credit unions. It requires the corporation's board of directors to meet at least quarterly and grants the commissioner authority to direct directors to take specific actions to reduce risks or prevent losses at a failing credit union. The legislation outlines various forms of financial assistance the corporation can provide, including purchasing assets at book value, making loans, depositing funds into reserves, and assuming liabilities, all subject to commissioner approval. Additionally, the bill allows the corporation to borrow money from members and other sources to fund these operations and clarifies its status as an organization member eligible to receive loans from its credit union members.