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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


SETTLEMENT NOTIFICATION: 
Massachusetts Division of Banks And Attorney General’s Office Settlement With Western Sky Financial, LLC, CashCall, Inc. And Related Entities And Persons pdf format of cashcall-notice-10292015.pdf
 
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 pdf format of cashcall-faq-10292015.pdf

Mission

To ensure a sound, competitive, and accessible financial services environment throughout the Commonwealth.

Vision

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

Hotline to Help Avoid Foreclosure

If you are currently having, or anticipate having difficulty making the payments on your mortgage, or have recently received a foreclosure notice, you are urged to contact NeighborWorks' HOPE Hotline at (888) 995-HOPE (4673), or at www.995hope.org . Counselors on the HOPE Hotline are available 24 hours a day.