Patrick Administration's Division of Banks to Hold Hearings on its Banking, Credit Union and Other Licensee Regulations
BOSTON – In an effort to streamline and modernize regulations governing the financial services industry, the Patrick Administration’s Division of Banks will hold two informational hearings to gather input from consumers, relevant business industries, and the advocacy community.
The informational hearings will be held at 1000 Washington St., 1st Floor, Boston, MA 02118:
• Tuesday, July 30, 2013, 10 a.m. for Bank and Credit Union Regulations
• Tuesday, August 13, 2013, 10 a.m. for Other Financial Company Regulations
“There have been many changes in the financial industry in recent years and the Division is proactively reviewing these regulations to help better enforce consumer protection laws and oversee businesses,” said Barbara Anthony, Undersecretary of Consumer Affairs and Business Regulation.
“Reviewing these regulations will help us to ensure that they keep pace with the changing financial environment while providing consumers the information they need to know to make informed financial decisions,” said Commissioner of Banks David J. Cotney.
The Division of Banks supervises over 200 banks and credit unions, regulating the requirements for and the practices of banks and credit unions in the Commonwealth. These regulations also provide protections for consumer transactions. The first informational hearing will include regulations that impact banks and credit unions, as well as some rules that affect the lending industry at large. During the hearing on July 30th, the Division will accept testimony and written comments on six of its regulations:
• 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: Disclosure of Consumer Credit Costs and Terms
• 209 CMR 33.00: Conversion by Co-Operative Banks and Savings Banks from Mutual to Stock Form (Sub-parts C&D Only)
• 209 CMR 40.00: Unfair and Deceptive Practices in Consumer Transactions
• 209 CMR 49.00: Insurance Sales by Banks and Credit Unions
• 209 CMR 53.00: Determination and Documentation of Borrower's Interest
In addition to overseeing banks and credit unions, the Division of Banks regulates over 5,600 licensees including mortgage lenders, brokers and originators, consumer finance companies and money service businesses, debt collectors, and loan servicers. During the second informational hearing that will be held on August 13th, the Division will accept comments on its rules that are related to these financial companies. The regulations to be considered include:
• 209 CMR 20.00: Small Loans, Sales Finance Companies and Insurance Premium Finance Companies
• 209 CMR 42.00: The Licensing of Mortgage Lenders and Mortgage Brokers
• 209 CMR 44.00: Licensing of Foreign Transmittal Agencies
• 209 CMR 45.00: The Licensing and Regulation of Check Cashers
• 209 CMR 48.00: Licensee Record Keeping
Throughout this informational process, 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. All comments must be submitted to the Division no later than 5 p.m. on Tuesday, August 20, 2013.
The Division of Banks oversees state-chartered banks, check sellers, debt collectors, foreign transmittal agencies, lenders, and mortgage brokers, and is an agency within the Office of Consumer Affairs and Business Regulation. Follow the Office at its blog, on Facebook and on Twitter @Mass_Consumer.