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Banks and credit unions press committee on MSIC, deposit insurance and modernization bills
Summary
Representatives of MSIC, bank trade groups and credit union associations testified on a suite of banking modernization bills covering deposit insurance, supervisory authority over out‑of‑state credit unions, and credit union governance. Speakers urged caution on provisions that could affect commissioner oversight or competitive balance.
A series of witnesses from the banking and credit union sectors described technical banking modernization bills and a proposal (House 3993) to expand or clarify participation in the Massachusetts Share Insurance Corporation (MSIC), the state's full deposit‑insurance mechanism that covers many state‑chartered credit unions.
Mike Hanson, representing MSIC, said the program protects roughly 1,700,000 consumers and that modernizing statute language is necessary to preserve…
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