Alert August 06, 2013

Massachusetts Division of Banks to Hold Hearings on Banking Regulations

In an effort to “streamline and modernize” its regulations governing financial institutions, the Massachusetts Division of Banks announced it will hold informational hearings and accept written comments to get input from consumers, the financial services industry and advocacy groups. The first informational hearing was held on July 30 and focused on regulations governing the establishment and operation of electronic branches and consumer protection in electronic fund transfers, disclosures of consumer credit costs and terms, unfair and deceptive practices, and the conversion of co-operative banks and saving banks from mutual to stock forms, among other regulations.

The second informational hearing will be held on August 13, 2013 and will focus on regulations governing: (1) small loans, sales finance and insurance premium finance companies; (2) licensing of mortgage lenders and brokers; (3) licensing of foreign transmittal agencies; (4) licensing and regulation of check cashers; and (5) record-keeping for licensees. In addition to receiving testimony and comments at the two informational hearings, the DOB will also be accepting written comments through August 20, 2013.