Westborough-based Massachusetts Credit Union Share Insurance Corp. (MSIC) has rebated $9.85 million of excess assessments to its member credit unions.

For some credit unions, MSIC returned all assessments paid during the past 16 years, according to a statement. The MSIC was able to provide these rebates because the National Credit Union Administration (NCUA) permanently increased coverage at federally insured credit unions from $100,000 to $250,000, after the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

"MSIC’s sole objective is to help our credit union members during these difficult economic times," said Mike Hanson, president and CEO of MSIC. "We hope this rebate will, in some small way, help our insured credit unions better serve their member."