Division of Banks and State Treasurer’s Office Announce High School Grant Recipients of the Financial Literacy Education Innovation Fund
Boston, MA (February 21, 2017) – The Massachusetts Division of Banks (Division) and State Treasurer Deborah B. Goldberg’s office today announced the second round of the 2016-2017 recipients of Financial Education Innovation Fund grants. This is the fourth installment of these grant awards, funded by the Division through settlements over alleged unlawful lending practices. The grants help strengthen financial literacy and develop financial reality fairs in high schools across the Commonwealth. More
Division of Banks Launches New Consumer Money Matters Online Resource
Boston, MA (January 4, 2017) - The Massachusetts Division of Banks announced today the launch of the new interactive consumer webpage, Consumer Money Matters. The newly designed resource features an interactive platform which offers easy access to consumer-relevant financial information. With just a few clicks, consumers can locate resources to make informed financial decisions. More
Settlement Against Unlicensed Predatory Lenders Yields 93 Percent Refund Rate And Payout Of 2.3 Million To Massachusetts Consumers
BOSTON, MA (November 22, 2016) Nearly 1,700 Massachusetts consumers who entered into small installment loan agreements with Western Sky Financial, LLC and CashCall, Inc. have been reimbursed $2.3 million collectively as the result of an October 2015 settlement agreement reached by the Attorney General’s Office and the Massachusetts Division of Banks. More
Baker-Polito Administration Names Commissioner of Banks
Boston, MA (September 22, 2016) - Today Governor Charlie Baker appointed Terence A. McGinnis to Commissioner of the Division of Banks, a regulatory agency under the Office of Consumer Affairs and Business Regulation. Mr. McGinnis comes to the Executive Branch from Eastern Bank, where he served as General Counsel and Secretary of Massachusetts’ largest state-chartered bank since 2004. As Commissioner, McGinnis will now oversee the supervision of more than 200 banks and credit unions with total combined assets in excess of $400 billion. More
Massachusetts Division of Banks And Attorney General’s Office Settlement With Western Sky Financial, LLC, CashCall, Inc. And Related Entities And Persons
Settlement background and details available by viewing the included notice. Consumers may be eligible for a refund of excess interest or a loan modification as a result of the October 26, 2015 settlement.
Frequently Asked Questions
To ensure a sound, competitive, and accessible financial services environment throughout the Commonwealth.
If we accomplish our mission, we will have a financial services environment in which:
- the public has confidence in its financial institutions;
- consumers have the information they need to make wise financial choices; and
- financial institutions can compete on a level playing field