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HD 2964

An Act relative to the Massachusetts Credit Union Share Insurance Corporation

194th Legislature (2025-2026) Introduced by Dan Cahill

Bill modifies Massachusetts credit union deposit insurance protections through updated coverage limits and reserve requirements affecting 1.5 million state credit union members.

Transmitted to the Secretary of State
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WeVote Research Nonpartisan
Bill Summary · HD 2964

Legislative bill overview

HD 2964 modifies the governance and operational structure of the Massachusetts Credit Union Share Insurance Corporation (MCUSIC), which insures deposits in state-chartered credit unions. The bill updates insurance coverage limits, reserve requirements, and administrative procedures for this quasi-public entity that protects credit union members' deposits up to specified amounts.

Why is this important

Credit unions serve approximately 1.5 million Massachusetts residents, and deposit insurance directly affects consumer confidence and financial security. Changes to insurance coverage levels and reserve adequacy impact both credit union stability and the public's protection in case of institutional failure. This legislation affects the competitive landscape between credit unions and traditional banks regarding consumer protections.

Potential points of contention

  • Coverage limit adjustments - Any changes to insurance caps could expand or restrict consumer protection, affecting which deposits are fully insured versus partially at risk
  • Reserve fund implications - Modified reserve requirements may increase costs for credit unions (passed to members via fees) or create underfunding risks if coverage is expanded without adequate backing
  • Regulatory authority scope - Clarification of MCUSIC's oversight powers versus state banking regulators could shift enforcement responsibility and accountability mechanisms

Compiled from official sources — confirm details with the bill’s official record.

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