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 NCUA & MSIC Share Insurance Protection Changes Benefit Members

President Barack Obama on July 21, 2010 signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act. Included in this sweeping legislation were provisions making permanent the current $250,000 maximum federal deposit insurance level, which had been temporary until December 31, 2013.  

Recently, Governor Deval Patrick signed legislation into law, effecting the shares and deposits at Massachusetts’ credit unions. Senate Bill 468 is now Chapter 284 of the Acts of 2010, and became effective on November 7, 2010. This bill removed the previous deposit insurance coverage caps for Savings and Certificates of Deposit Accounts at Massachusetts state chartered credit unions.  Therefore, as of November 7, 2010, MSIC provides full insurance coverage to all MSIC member credit unions on share deposits in excess of $250,000.  Prior to the enactment of this new legislation, MSIC was only able to offer insurance up to specific deposit limits set by Massachusetts law. 

As a federally insured credit union, Southern Mass Credit Union member accounts are insured to at least $250,000 by the National Credit Union Share Insurance Fund (NCUA), a federal insurance fund backed by the full faith and credit of the U.S. Government.  And, at Southern Mass Credit Union, members’ deposits are now fully insured over the $250,000 federal limit by the Massachusetts Credit Union Share Insurance Corporation (MSIC)..

Jane Bryant Quinn on the NCUA                               Suze Orman on the NCUA                                

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