By the Division of Banks

Regulatory Bulletin 1.3-103

Consumer Protection and Fair Lending Examinations

  1. APPLICABILITY AND SCOPE

    The purpose of this bulletin is to clarify the authority of the Division of Banks (Division) to examine for compliance with all applicable state and federal consumer protection laws. This bulletin applies to all banks, credit unions, and licensees.

  2. POLICY

    Massachusetts General Laws and the Dodd-Frank Wall Street Reform and Consumer Protection Act, Title X, Section 1042(a)(1), authorize the Division to examine state-chartered and licensed financial institutions for compliance with all applicable state and federal laws. Pursuant to this authority, the Division conducts examinations to review for compliance with various consumer protection and fair lending laws and regulations. These include, but are not limited to, the Community Reinvestment Act, the Equal Credit Opportunity Act, the Home Mortgage Disclosure Act, the Fair Housing Act, the Fair Credit Reporting Act, the Truth-in-Lending Act, the Truth-in-Savings Act, the Electronic Fund Transfers Act, the Fair Debt Collection Practices Act, the Flood Insurance Protection Act, the Real Estate Settlement Procedures Actand the Attorney General’s regulations found at 940 CMR 8.00.

  3. HISTORICAL NOTES

    This bulletin replaced former Administrative Bulletin 5-9, “Equal Credit Opportunity Examination,” which was restated in 1992. The bulletin was substantially changed in 1998 to account for repeal of 804 CMR 7.00 by the Massachusetts Commission Against Discrimination. In addition, the bulletin was expanded to provide greater clarification. Minor revisions were made in 2012 to clarify the Division’s authority. The bulletin was revised on October 2, 2012.

  4. AUTHORITY

    G.L.c. 93, 24D; G.L. c. 167, s. 2; G.L. c. 169, s. 10; G.L. c. 169A, s. 11; G.L. c. 255B, s. 3; G.L. c. 255C, s. 6; G.L. c. 255D, s. 3; c. 255E, s. 8; G.L. c. 255F, s. 14; Dodd-Frank Wall Street Reform and Consumer Protection Act, Title X, Section 1042(a)(1).