Massachusetts Credit Union Share Insurance Corporation (MSIC) was chartered by a special Act of the Massachusetts Legislature in 1961. Formed as a primary insurer, MSIC was the first insurance company in the nation to provide deposit insurance protection to the members of the credit union. It is operated by a Board of Directors elected by and from the member credit unions it insures, which are, in effect, the owners of MSIC.
Massachusetts law is unique, as it requires full deposit insurance protection for the customers of Massachusetts cooperative and savings banks and members of state chartered credit unions. Federal credit unions operating in Massachusetts may become a member of MSIC and provide MSIC's deposit insurance to their members, but they are not required to do so by law.
Massachusetts law is unique, as it requires full deposit insurance protection for the customers of Massachusetts cooperative and savings banks and members of state chartered credit unions. Federal credit unions operating in Massachusetts may become a member of MSIC and provide MSIC's deposit insurance to their members, but they are not required to do so by law.
Services
In addition to providing excess share and deposit insurance, MSIC continually works to meet credit unions' needs by providing additional services of exceptional value and quality. Our CPR reports are known across the industry as a great way to benchmark, plan and communicate the financial position of credit unions.
Excess Share and Deposit Insurance from MSIC provides credit unions an extra layer of deposit insurance coverage. Balances above the federal limit, currently $250,000, carry additional deposit insurance through MSIC. With Excess Share and Deposit insurance, credit union members can deposit large balances without needing to worry about diversification.
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