By the Division of Banks
Regulation Review Informational Session:
Notice of Meeting on Thursday, August 13, 2015
The Division of Banks (Division) is considering whether to retain, repeal or make changes to the regulations listed below.
The review of the regulations will be conducted in connection with Executive Order 562 issued by Governor Baker on March 31, 2015. The purpose of Executive Order 562 is to reduce unnecessary regulatory burden where possible.
In advance of considering changes and implementing the formal regulatory amendment process, the Division welcomes interested members of the public to attend an informational session to provide input on possible changes that the Division could consider in light of Executive Order 562.
The session will be held as follows:
When: Thursday, August 13, 2015
Time: 9:30 a.m.-12:00 p.m.
Where: 1000 Washington St., Hearing Room 1-E, Boston, MA 02110
In addition, written comments may be submitted to the Massachusetts Division of Banks, 1000 Washington St., 10th Floor, Boston, MA 02118-6400 or at firstname.lastname@example.org until 5:00 p.m. on Friday, August 21, 2015.
Specific questions about this process or the nature of this session should be directed to Merrily S. Gerrish, Deputy Commissioner of Banks and General Counsel, at 617-956-1520. Please note that this session is in addition to any public hearing required by the formal rulemaking process, which would be held at a later date, if applicable.
Following is a list of the Division’s regulations to be reviewed:
- 209 CMR 18.00: Conduct of the Business of Debt Collectors and Loan Servicers
- 209 CMR 20.00: Small Loans, Sales Finance Companies and Insurance Premium Finance Companies
- 209 CMR 26.00: Loans Regulatory Board
- 209 CMR 31.00: Establishment And Operation Of Electronic Branches Of Financial Institutions And For The Protection Of Consumers In Electronic Fund Transfers
- 209 CMR 32.00: Truth in Lending
- 209 CMR 33.00: Conversion By Co-Operative Banks And Savings Banks From Mutual To Stock Form
- 209 CMR 40.00: Unfair And Deceptive Practices In Consumer Transactions
- 209 CMR 41.00: The Licensing of Mortgage Loan Originators
- 209 CMR 42.00: The Licensing of Mortgage Lenders and Mortgage Brokers
- 209 CMR 43.00: Audit Requirements For Credit Unions
- 209 CMR 44.00: Licensing Of Foreign Transmittal Agencies
- 209 CMR 45.00: The Licensing And Regulation Of Check Cashers
- 209 CMR 46.00: Community Reinvestment
- 209 CMR 48.00: Licensee Record Keeping
- 209 CMR 49.00: Insurance Sales by Banks and Credit Unions
- 209 CMR 50.00: Parity With Federal Credit Unions
- 209 CMR 52.00: Credit Insurance Disclosure Requirements
- 209 CMR 53.00: Determination and Documentation of Borrower's Interest
- 209 CMR 54.00: Mortgage Lender Community Investment
- 209 CMR 55.00: Reverse Mortgage Loans
- 209 CMR 56.00: Foreclosure Prevention Options
Specific input is requested on the following questions and other relevant testimony and comments are invited:
- What could improve the clarity of the regulations?
- Do any of the regulations impose unnecessary burdensome reporting, recordkeeping, or disclosure requirements?
- Have there been changes in the financial services industry, consumer behavior, or other circumstances that cause any regulations to be outdated, unnecessary, or unduly burdensome?
- Do you believe the scope of each regulation is consistent with the intent of the underlying statute? In addition, please provide comments for potential amendments to reduce regulatory burden while remaining faithful to the statutory intent.
- Additional comments and testimony, including specific recommendations, are welcome.