Advisory Proposed repeal of 209 CMR 47.00 and notice of public comment period
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Proposed repeal of 209 CMR 47.00 and notice of public comment period
Pursuant to the provisions of Section 40 of Chapter 482 of the Acts of 2014, and in accordance with Massachusetts General Laws chapter 30A, section 3, the Massachusetts Division of Banks will accept written comments on the repeal of 209 CMR 47.00: Parity with Federal and Out-of-State Banks.
The purpose of this notice is to give interested parties the opportunity to provide written comments relative to the repeal of 209 CMR 47.00: Parity with Federal and Out-of-State Banks, pursuant to Massachusetts General Laws chapter 30A, section 3.
The purpose of this regulation is to grant state-chartered banks certain expanded powers in parity with federally chartered banks and with banks chartered by another state. Prior to the effective date of Chapter 482 of the Acts of 2014 (Chapter 482), the so-called Bank Modernization Act, this regulation was authorized by G.L. c. 167F, s. 2, clause 31, which directed the Commissioner of Banks to promulgate regulations to implement this authority. Chapter 482 amended G.L. c. 167F, s. 2, clause 31 to authorize state-chartered banks to exercise any power or engage in any activity that is permitted for a federal bank or bank chartered by another state upon 30 days written notice in advance to the Commissioner, as set forth in the statute. Chapter 482 also amended G.L. c. 167F, s. 2, clause 31 to strike the language that authorized and required the Commissioner of Banks to promulgate a regulation relating to bank parity. As a result, there is no longer statutory authority for the Commissioner of Banks to promulgate 209 CMR 47.00. The Division proposes to make the necessary filings on or after November 20, 2015 to repeal this regulation.
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 Wednesday, November 18, 2015. A copy of the proposed repeal is available at, and copies may be obtained from, the Massachusetts Division of Banks or at www.mass.gov/dob.