Business Details
50+ Years
experience
Excess Deposit Insurance for Credit Unions
Established in 1961, Massachusetts Credit Union Share Insurance (MSIC) pioneered deposit insurance protection for credit union members nationwide. As a member-owned, not-for-profit organization, we specialize in providing excess share and deposit insurance beyond federal limits, ensuring financial security for credit unions and their members. Our mission focuses on strengthening the credit union movement through innovative services like Custom Performance Reports, strategic planning sessions, and the Liquidity Reserve Fund. With over six decades of experience, we have maintained an unbroken record of protecting savings while offering critical support during industry challenges. Our team combines deep expertise in risk management with a commitment to preserving the integrity of the insurance fund.Governed by a board elected from member credit unions, we operate with full transparency and accountability. Our services extend beyond insurance to include educational programs, director handbooks, and peer benchmarking tools that enhance credit union performance. Through proactive measures like mergers assistance and capital stabilization, weve safeguarded the industrys stability without ever compromising member access to funds. Our statutory authority to insure balances exceeding $250,000 positions us as a vital partner for both state and federal credit unions. This enduring legacy of trust and financial stewardship continues to define our role in Massachusetts and beyond.
Services
Excess Share Insurance
Deposit Insurance
Custom Performance Reports
Board Training
Strategic Planning
Educational Seminars
Liquidity Reserve Fund
Peer Group Analysis
Director Handbooks
Annual Industry Reports
Details
- Year established: 1961
Highlights and features
- We have over 60 years of experience in credit union insurance.
- Our member-owned structure ensures alignment with client needs.
- We provide excess insurance beyond federal $250,000 limits.
- We offer custom performance reports for credit unions.
- Our services include strategic planning and liquidity support.
Services
Excess Share Insurance
We provide supplemental insurance coverage for credit union deposits exceeding federal insurance limits. This service ensures complete protection for members' savings beyond the $250,000 NCUA guarantee. Our statutory authority covers both state and federal credit unions, offering critical financial security during economic uncertainty.
Custom Performance Reports
Our detailed benchmarking reports compare credit union performance against customized peer groups. Available in multiple formats, these 40-page analytical tools help management identify strengths and opportunities across loan portfolios, operating expenses, and share growth. Over 29% of US credit unions utilize this service for strategic decision-making.
Liquidity Reserve Fund
This state-authorized program facilitates liquidity transfers between credit unions during financial stress. By creating a collaborative funding network, we help institutions maintain stability without sacrificing growth potential. The program supports long-term industry resilience through coordinated resource sharing.
Board Training Programs
We deliver specialized educational sessions for credit union directors focusing on governance and strategic planning. Our training materials combine practical insights with regulatory requirements, empowering boards to make informed decisions that strengthen organizational performance and member value.
Strategic Planning Services
Our experts provide tailored guidance for credit union growth and operational improvement. Services include merger assistance, capital structure optimization, and risk management strategies. We help institutions navigate regulatory challenges while maintaining their cooperative financial principles.
People
Michael C. Hanson
President & CEO
Leading MSIC since 2014, Michael C. Hanson brings decades of financial services experience to credit union risk management. He oversees all insurance operations and strategic initiatives while maintaining regulatory compliance. His leadership expanded the Liquidity Reserve Fund program to enhance industry stability.
Questions
What does MSIC insurance cover?
MSIC provides excess share insurance covering deposit balances above the $250,000 federal limit for credit union members in Massachusetts.
How is MSIC different from federal insurance?
We offer supplemental protection beyond NCUA coverage, specifically designed for Massachusetts credit unions through state-specific legislation.
What services do you provide besides insurance?
We offer performance benchmarking, board training, strategic planning, and liquidity management programs to strengthen credit union operations.
Are federal credit unions eligible for MSIC membership?
Yes, federal credit unions operating in Massachusetts may join MSIC voluntarily to provide enhanced insurance for their members.
How has MSIC maintained perfect member protection?
Through proactive risk management, capital assistance programs, and careful monitoring of insured institutions since our 1961 founding.
