News & Updates, Division of Banks, Our Agencies and Divisions, Government, Consumer Affairs and Business Regulation, Commonwealth of Massachusetts Consumer Affairs and Business Regulation, Commonwealth of Massachusetts http://www.mass.gov/?pageID=ocahomepage&L=1&L0=Home&sid=Eoca http://www.mass.gov/Eoca/RSS/Home/Government/Our%20Agencies%20and%20Divisions/Division%20of%20Banks/newsandupdates.xml &#169; 2009 Commonwealth of Massachusetts 2009-11-17T00:00:00Z October 30, 2009 Activity Report http://www.mass.gov/?pageID=ocamodulechunk&L=4&L0=Home&L1=Government&L2=Our+Agencies+and+Divisions&L3=Division+of+Banks&sid=Eoca&b=terminalcontent&f=dob_monthlyActivity20091030&csid=Eoca 2009-11-17T00:00:00Z 2009-11-17T00:00:00Z FDIC Announces that East West Bank Acquires United Commercial Bank http://www.fdic.gov/bank/individual/failed/ucb.html 2009-11-06T00:00:00Z 2009-11-06T00:00:00Z Amendment Form for the Plan of Operation for Insurance Sales Activities for Massachusetts State-Chartered Credit Unions - October 30, 2009 http://www.mass.gov/?pageID=ocamodulechunk&L=4&L0=Home&L1=Government&L2=Our+Agencies+and+Divisions&L3=Division+of+Banks&sid=Eoca&b=terminalcontent&f=dob_creditunioninsursales&csid=Eoca 2009-10-29T00:00:00Z 2009-10-29T00:00:00Z September 30, 2009 Activity Report http://www.mass.gov/?pageID=ocamodulechunk&L=4&L0=Home&L1=Government&L2=Our+Agencies+and+Divisions&L3=Division+of+Banks&sid=Eoca&b=terminalcontent&f=dob_monthlyActivity20090930&csid=Eoca 2009-10-09T00:00:00Z 2009-10-09T00:00:00Z 2010 Chapter 206 Grant Application (Due at DOB by 5:00 p.m. 10/30/2009) http://www.mass.gov/?pageID=ocasubtopic&L=5&L0=Home&L1=Business&L2=Banking+Industry+Services&L3=FAQs&L4=2010+Chapter+206+Grant+Application&sid=Eoca 2009-10-01T00:00:00Z 2009-10-01T00:00:00Z Division Implements Changes in Mortgage Loan Originator Licensing http://www.mass.gov/?pageID=ocamodulechunk&L=4&L0=Home&L1=Government&L2=Our+Agencies+and+Divisions&L3=Division+of+Banks&sid=Eoca&b=terminalcontent&f=dob_indltr09172009&csid=Eoca 2009-09-18T00:00:00Z 2009-09-18T00:00:00Z Massachusetts Commissioner of Banks Antonakes Testifies on the Community Reinvestment Act http://www.csbs.org/AM/Template.cfm?Section=Press_Releases&TEMPLATE=/CM/ContentDisplay.cfm&CONTENTID=25163 2009-09-16T00:00:00Z 2009-09-16T00:00:00Z Amendments to 209 CMR 41.00: The Licensing of Mortgage Loan Originators - Emergency Regulations - Effective September 15, 2009 http://www.mass.gov/Eoca/docs/dob/cmr4109152009.pdf 2009-09-16T00:00:00Z 2009-09-16T00:00:00Z Amendments to 209 CMR 42.00: The Licensing of Mortgage Lenders and Mortgage Brokers - Emergency Regulations - Effective September 15, 2009 http://www.mass.gov/Eoca/docs/dob/cmr4209152009.pdf 2009-09-16T00:00:00Z 2009-09-16T00:00:00Z August 31, 2009 Activity Report http://www.mass.gov/?pageID=ocamodulechunk&L=4&L0=Home&L1=Government&L2=Our+Agencies+and+Divisions&L3=Division+of+Banks&sid=Eoca&b=terminalcontent&f=dob_monthlyActivity20090831&csid=Eoca 2009-09-11T00:00:00Z 2009-09-11T00:00:00Z States Issue Progress Report on Multi-State Mortgage Examinations Initiative http://www.csbs.org/AM/Template.cfm?Section=Press_Releases&CONTENTID=24583&TEMPLATE=/CM/ContentDisplay.cfm 2009-08-18T00:00:00Z 2009-08-18T00:00:00Z Division of Banks Orders Internet Payday Lenders to Cease Activity in Massachusetts http://www.mass.gov/?pageID=ocapressrelease&L=4&L0=Home&L1=Government&L2=Our+Agencies+and+Divisions&L3=Division+of+Banks&sid=Eoca&b=pressrelease&f=20090818_dobpayday&csid=Eoca 2009-08-18T00:00:00Z 2009-08-18T00:00:00Z BOSTON – August 18, 2009 – Continuing the Patrick Administration’s efforts to combat illegal Internet payday lending activity in Massachusetts, the Division of Banks today announced that cease-activity directives had been issued to 95 companies marketing illegal payday loans to Massachusetts consumers. This follows similar cease activity initiatives against Internet-based payday lenders during 2005 and 2006.<br><br> A payday loan is short-term, small-sum, high-rate, unsecured personal loan that utilizes a consumer’s checking account (usually through electronic access but sometimes actual checks) for repayment of the amount borrowed. Since these loans are short-term in nature, the cost of payday loans to the consumer is enormously high, many times exceeding the original loan amount borrowed. FFIEC Support for Responsible Loss Mitigation Activities http://www.ffiec.gov/press/pr080609.htm 2009-08-11T00:00:00Z 2009-08-11T00:00:00Z July 31, 2009 Activity Report http://www.mass.gov/?pageID=ocamodulechunk&L=4&L0=Home&L1=Government&L2=Our+Agencies+and+Divisions&L3=Division+of+Banks&sid=Eoca&b=terminalcontent&f=dob_monthlyActivity20090731&csid=Eoca 2009-08-10T00:00:00Z 2009-08-10T00:00:00Z Division of Banks Announces Action against Taylor, Bean & Whitaker http://www.mass.gov/?pageID=ocapressrelease&L=4&L0=Home&L1=Government&L2=Our+Agencies+and+Divisions&L3=Division+of+Banks&sid=Eoca&b=pressrelease&f=20090806_taylorbean&csid=Eoca 2009-08-10T00:00:00Z 2009-08-10T00:00:00Z Governor Patrick Signs SAFE Act Legislation http://www.mass.gov/?pageID=gov3pressrelease&L=1&L0=Home&sid=Agov3&b=pressrelease&f=090730_safe_act&csid=Agov3 2009-08-03T00:00:00Z 2009-08-03T00:00:00Z 5 Tips for Shopping for a Mortgage http://www.federalreserve.gov/pubs/mortgagetips/ 2009-07-31T00:00:00Z 2009-07-31T00:00:00Z June 30, 2009 Activity Report http://www.mass.gov/?pageID=ocamodulechunk&L=4&L0=Home&L1=Government&L2=Our+Agencies+and+Divisions&L3=Division+of+Banks&sid=Eoca&b=terminalcontent&f=dob_monthlyActivity20090630&csid=Eoca 2009-07-08T00:00:00Z 2009-07-08T00:00:00Z Compendium of Actions Taken Relative to Foreclosures and the Mortgage Industry http://www.mass.gov/Eoca/docs/dob/foreclosureactions06302009.pdf 2009-06-30T00:00:00Z 2009-06-30T00:00:00Z Patrick Administration Announces Multi-State Agreement with Taylor, Bean & Whitaker Mortgage Corporation http://www.mass.gov/?pageID=ocapressrelease&L=4&L0=Home&L1=Government&L2=Our+Agencies+and+Divisions&L3=Division+of+Banks&sid=Eoca&b=pressrelease&f=20090622_DOBtaylorbeanwhitaker&csid=Eoca 2009-06-22T00:00:00Z 2009-06-22T00:00:00Z May 29, 2009 Activity Report http://www.mass.gov/?pageID=ocamodulechunk&L=4&L0=Home&L1=Government&L2=Our+Agencies+and+Divisions&L3=Division+of+Banks&sid=Eoca&b=terminalcontent&f=dob_monthlyActivity20090529&csid=Eoca 2009-06-11T00:00:00Z 2009-06-11T00:00:00Z Division of Banks Announces Actions Against Mortgage Lenders and Brokers http://www.mass.gov/?pageID=ocapressrelease&L=4&L0=Home&L1=Government&L2=Our+Agencies+and+Divisions&L3=Division+of+Banks&sid=Eoca&b=pressrelease&f=20090604_dobmortgageceaseanddesist&csid=Eoca 2009-06-04T00:00:00Z 2009-06-04T00:00:00Z <strong>BOSTON – June 4, 2009 –</strong> The Division of Banks (Division) today announced the issuance of 87 cease-and-desist orders against licensed mortgage lenders and mortgage brokers in Massachusetts. The Division closed these licensees today after they failed to provide required financial information, including the failure to post a bond. April 30, 2009 Activity Report http://www.mass.gov/?pageID=ocamodulechunk&L=4&L0=Home&L1=Government&L2=Our+Agencies+and+Divisions&L3=Division+of+Banks&sid=Eoca&b=terminalcontent&f=dob_monthlyActivity20090430&csid=Eoca 2009-05-07T00:00:00Z 2009-05-07T00:00:00Z Patrick Administration and Attorney General Announce Efforts to Protect Distressed Homeowners http://www.mass.gov/?pageID=ocapressrelease&L=4&L0=Home&L1=Government&L2=Our+Agencies+and+Divisions&L3=Division+of+Banks&sid=Eoca&b=pressrelease&f=20090427_dobmortgages&csid=Eoca 2009-04-27T00:00:00Z 2009-04-27T00:00:00Z BOSTON - April 27, 2009 - The Massachusetts Division of Banks (Division) today issued an industry letter focused on aiding distressed homeowners by restricting fees charged in connection with loan modifications.<br><br> <a href=http://www.mass.gov/?pageID=ocaterminal&L=4&L0=Home&L1=Business&L2=Banking+Industry+Services&L3=Industry+Letters&sid=Eoca&b=terminalcontent&f=dob_indltrmortloanmod&csid=Eoca>The letter</a> clarifies that mortgage brokers licensed by the Division may not charge borrowers a fee or receive any compensation from any source for assisting in the process of obtaining a loan modification from a borrower’s mortgage holder. The letter further explains that any fees charged by the borrower's mortgage holder to revise the particular terms of a mortgage loan are strictly limited in scope and amount under state law.<br><br> The Division has recently seen an increase in companies aggressively marketing their services with claims to help consumers avoid foreclosure or negotiate a loan modification at substantial additional costs to consumers. The Obama Administration, through the Treasury Department, recently announced its &quot;Making Home Affordable&quot; Modification Guidelines to facilitate loan modifications. Consumers should contact their lenders for information. In addition, information on non-profits providing foreclosure prevention assistance is available on <a href=http://www.mass.gov/dob>the Division's website</a>. CSBS Says Mortgage Reform Must Allow for State Role in Supervision, Enforcement http://www.csbs.org/AM/Template.cfm?Section=Press_Releases&TEMPLATE=/CM/ContentDisplay.cfm&CONTENTID=22297 2009-04-23T00:00:00Z 2009-04-23T00:00:00Z March 31, 2009 Activity Report http://www.mass.gov/?pageID=ocamodulechunk&L=4&L0=Home&L1=Government&L2=Our+Agencies+and+Divisions&L3=Division+of+Banks&sid=Eoca&b=terminalcontent&f=dob_monthlyActivity20090331&csid=Eoca 2009-04-09T00:00:00Z 2009-04-09T00:00:00Z Commissioner of Banks Testifies on Small Business Credit http://www.mass.gov/Eoca/docs/dob/testimony32309.pdf 2009-03-23T00:00:00Z 2009-03-23T00:00:00Z CSBS Says Future Mortgage Reform Legislation Should Build On States' Initiatives in Mortgage Supervision http://www.csbs.org/AM/Template.cfm?Section=Press_Releases&CONTENTID=21719&TEMPLATE=/CM/ContentDisplay.cfm 2009-03-11T00:00:00Z 2009-03-11T00:00:00Z February 27, 2009 Activity Report http://www.mass.gov/?pageID=ocamodulechunk&L=4&L0=Home&L1=Government&L2=Our+Agencies+and+Divisions&L3=Division+of+Banks&sid=Eoca&b=terminalcontent&f=dob_monthlyActivity20090227&csid=Eoca 2009-03-11T00:00:00Z 2009-03-11T00:00:00Z DOB Funds $1 Million in Grants for Foreclosure Prevention and First-time Home Counseling Services http://www.mass.gov/?pageID=ocamodulechunk&L=4&L0=Home&L1=Government&L2=Our+Agencies+and+Divisions&L3=Division+of+Banks&sid=Eoca&b=terminalcontent&f=dob_2009grants&csid=Eoca 2009-03-04T00:00:00Z 2009-03-04T00:00:00Z 2nd Quarter 2009 Mortgage Lender Community Investment (MLCI) Examination Schedule http://www.mass.gov/?pageID=ocamodulechunk&L=4&L0=Home&L1=Government&L2=Our+Agencies+and+Divisions&L3=Division+of+Banks&sid=Eoca&b=terminalcontent&f=dob_mlci_schd&csid=Eoca 2009-03-02T00:00:00Z 2009-03-02T00:00:00Z Joint Public Hearing with Administration and Finance on 801 CMR 4.02, Relative to Various Fees Applicable to Licensees of the Division of Banks - March 18, 2009 http://www.mass.gov/?pageID=ocamodulechunk&L=4&L0=Home&L1=Government&L2=Our+Agencies+and+Divisions&L3=Division+of+Banks&sid=Eoca&b=terminalcontent&f=dob_pubhear03182009&csid=Eoca 2009-02-26T00:00:00Z 2009-02-26T00:00:00Z January 30, 2009 Activity Report http://www.mass.gov/?pageID=ocamodulechunk&L=4&L0=Home&L1=Government&L2=Our+Agencies+and+Divisions&L3=Division+of+Banks&sid=Eoca&b=terminalcontent&f=dob_monthlyActivity20090130&csid=Eoca 2009-02-12T00:00:00Z 2009-02-12T00:00:00Z 2008 FIS Annual Report Now Available http://www.mass.gov/?pageID=ocasubtopic&L=6&L0=Home&L1=Business&L2=Banking+Industry+Services&L3=Forms+and+Applications%26nbsp%3b&L4=Annual+and+Quarterly+Report+Forms&L5=Banks+and+Credit+Unions&sid=Eoca 2009-01-21T00:00:00Z 2009-01-21T00:00:00Z Don't Borrow Your Own Money! Steer Clear of Tax Refund Anticipation Loans http://www.mass.gov/?pageID=ocapressrelease&L=1&L0=Home&sid=Eoca&b=pressrelease&f=20080115_rals&csid=Eoca 2009-01-17T00:00:00Z 2009-01-17T00:00:00Z December 31, 2008 Activity Report http://www.mass.gov/?pageID=ocamodulechunk&L=4&L0=Home&L1=Government&L2=Our+Agencies+and+Divisions&L3=Division+of+Banks&sid=Eoca&b=terminalcontent&f=dob_monthlyActivity20081231&csid=Eoca 2009-01-07T00:00:00Z 2009-01-07T00:00:00Z Divison of Banks Makes Web-Based Foreclosure Database Available to Public http://www.mass.gov/?pageID=ocapressrelease&L=4&L0=Home&L1=Government&L2=Our+Agencies+and+Divisions&L3=Division+of+Banks&sid=Eoca&b=pressrelease&f=090107_DOB_foreclosuredatabase&csid=Eoca 2009-01-07T00:00:00Z 2009-01-07T00:00:00Z November 28, 2008 Activity Report http://www.mass.gov/?pageID=ocamodulechunk&L=4&L0=Home&L1=Government&L2=Our+Agencies+and+Divisions&L3=Division+of+Banks&sid=Eoca&b=terminalcontent&f=dob_monthlyActivity20081128&csid=Eoca 2008-12-10T00:00:00Z 2008-12-10T00:00:00Z State Regulators Issue Examination Guidelines for Reverse Mortgages http://www.csbs.org/AM/Template.cfm?Section=Press_Releases&CONTENTID=20092&TEMPLATE=/CM/ContentDisplay.cfm 2008-12-09T00:00:00Z 2008-12-09T00:00:00Z Massachusetts Becomes First State Accredited Under CSBS Mortgage Supervision Program http://www.csbs.org/AM/Template.cfm?Section=Press_Releases&CONTENTID=20008&TEMPLATE=/CM/ContentDisplay.cfm 2008-12-04T00:00:00Z 2008-12-04T00:00:00Z