By the Division of Banks


The Division Issues its First Round of Results from its Regulatory Review Initiative

One of the key objectives for the Division of Banks is to complete a comprehensive review of all bank and credit union Regulatory Bulletins and regulations to determine opportunities for the agency to reduce regulatory burden and compliance redundancy by streamlining, updating, or repealing requirements wherever possible. This initiative was a result of the several industry focus groups that the Division of Banks held throughout the Commonwealth of Massachusetts during 2011, and is a component of the Division's current strategic planning process. The Division believes it is helpful to issue periodic updates of the changes being made to date. Below are brief descriptions of such changes made thus far, as listed under each major category of the Regulatory Bulletin Manual. As further progress is made, additional updates will be provided.

BANKS, CREDIT UNIONS, AND LICENSEES - GENERAL

1.1-103 Advisory Opinion and Approval Requests
This Bulletin has been updated to include the Division's current address and to more accurately reflect the agency's operating procedures.

1.1-104 Requesting Public Information
This Bulletin has been renamed and streamlined significantly to: eliminate the list of frequently requested public information as well as examples of records that are exempt from disclosure requirements; more accurately reflect current procedures; and, re-emphasize the confidentiality of the Division's Examination Reports and all related work papers.

BANKS, CREDIT UNIONS, AND LICENSEES - CONSUMER PROTECTION

1.3-101 Adjustable Rate Mortgage Loans
This Bulletin has been repealed in its entirety as it is no longer necessary due to changes in lending authorities and disclosure requirements in Truth in Lending.

1.3-102 Truth In Lending Reimbursement Guidelines
This Bulletin has been repealed in its entirety and a summary is being incorporated into Regulatory Bulletin 1.1-101 Examination Policies.

1.3-104 Counseling and Opt-In Requirements for Adjustable Rate Mortgage Loans Made to First Time Home Loan Borrowers
This Bulletin has been revised to clarify the certification approval process of third-party non-profit counseling organizations and to specify those organizations with certification authority.

BANKS AND CREDIT UNIONS - GENERAL

2.1-101 Audit Policy
This Bulletin has been revised to reduce reporting requirements and now applies only to state-chartered banks. As a result, it is being issued under the Banks Only - Risk Management series and has been renumbered as 3.2-102.

2.1-103 Annual Report Filing
This Bulletin has been repealed in its entirety since the requirement to file such Annual Reports to the Commissioner is contained in Massachusetts General Laws, coupled with the fact that the Division issues detailed instructions every year on how to complete such Reports.

2.1-105 Emergency Temporary Closing of Banking Offices
This Bulletin was minimally updated to reflect that Massachusetts state-chartered banks and credit unions must develop formal disaster recovery or business resumption contingency plans.

BANKS ONLY - GENERAL

3.1-101 Supervisory Stock Conversion Bank Equity Value Standard
This Bulletin is being revised slightly for clarification.

CREDIT UNIONS ONLY - GENERAL

4.1-104 Membership By-Law Amendments
This Bulletin has been updated to reflect changes to voting requirements. It has also been reorganized in part for more clarity.

CREDIT UNIONS ONLY - CONSUMER PROTECTION

4.3-101 Adjustable Rate Personal Loans
This Bulletin is being repealed in its entirety as it is no longer necessary given pending changes to the Credit Union parity regulations.