MA H3933

Expands Massachusetts Credit Union Share Insurance Corporation (MSIC) membership eligibility to include credit unions chartered in Maine, New Hampshire, Vermont, New York, Connecticut, and Rhode Island, in addition to Massachusetts-chartered and federally-chartered credit unions with principal offices in those states

Authorizes credit unions to merge or consolidate with mutual banks, savings banks, and co-operative banks, with either institution type as the surviving entity, and establishes procedures for credit unions to convert to mutual savings banks or vice versa

Grants MSIC expanded investment authority, allowing up to 15% of assets in non-enumerated investments (with commissioner approval) and permitting use of registered investment advisers under the Investment Advisers Act of 1940

Requires excess member credit unions to obtain approval from MSIC and the commissioner before merging, consolidating, or establishing branch offices outside Massachusetts, with automatic termination of excess insurance for non-compliance

Adds new credit union investment powers including asset-backed securities (up to 10% of assets), shares in banking-related service organizations (up to 10%), and participation in Massachusetts Capital Growth Corporation activities (up to 10%)