Mass Credit Union Share Insurance Corporation

The Massachusetts Credit Union Share Insurance corporation was created by state law to insure the deposits of Credit unions in Massachusetts. Prior to 1994, it was the primary insurer of state chartered Credit unions. As of 1994, as a condition for Credit unions obtaining federal Insurance through the ncua, the corporation infused capital into several Credit unions deemed capital deficient by the ncua. The amount of the infusion totaled $6,271,894, of which $1,392,934 remains outstanding as of 9/30/23. In 2012, the Massachusetts state law was amended to establish a voluntary reserve fund. In 2015, the corporation began accepting member deposits into the liquidity reserve fund.