After nearly four years of contentious and sometimes acrimonious debate, legislation creating the Massachusetts Credit Union Share Insurance Corporation is passed. On March 29, 1961, representatives from ten of the fifteen founding Massachusetts credit unions, along with State Representatives and attorneys, gather around Governor John Volpe as he signed the statute that officially created MSIC.
MSIC relocates to Seven Hills Plaza in Worcester, Massachusetts (the geographic center of the Commonwealth).
MSIC plays a critical role in Massachusetts during the banking crisis of the late eighties and early nineties. It provides several Massachusetts based credit unions with the required capital to obtain federal insurance, allowing them to continue to operate independently rather than being merged or liquidated.
The Massachusetts Division of Banks orders all Massachusetts-chartered institutions to obtain NCUSIF primary deposit insurance as a matter of safety and soundness.
MSIC relocates to West Park Drive, Westborough, Massachusetts.
MSIC produces and publishes its first Custom Performance Report (CPR) that allowed each member credit union to compare its performance to other, similar credit unions within Massachusetts, the region and the nation.
Chapter 115 of the acts of 1996 is adopted, which authorizes MSIC to continue to insure federally-chartered member credit unions.
MSIC publishes and releases The Handbook for Credit Union Directors that was written for the benefit of both state and federally chartered MSIC members. Over 7,000 copies are distributed throughout Massachusetts.
Throughout the first decade of the new millennium, MSIC continues and expands its program, onsite, online and in print, to keep members informed about industry trends, legislation and best practices.
MSIC Celebrates its 50th Anniversary.
In September, MSIC relocates its entire operations to the Needham Street, Newton, Massachusetts location. This move provides MSIC with room for future growth as well as significantly reducing the corporation’s occupancy expenses.
MSIC continues to prove itself as both a regional and national leader in training, consultation, legislation and technology development with the goal of making its members – and its credit union peers around the country – more relevant, more informed and more competitive.