Pursuant to the provisions of Massachusetts General Laws chapter 7, section 3B and chapter 167, section 2 and in accordance with the provisions of Massachusetts General Laws chapter 30A, section 2, a joint public hearing will be held on Thursday, January 21, 2010 at 10:30 a.m., Hearing Room A, 5 th Floor, One South Station, Boston, Massachusetts at which comments will be received by the Executive Office for Administration and Finance and the Division of Banks (the "Division") relative to the adoption of amendments to 801 CMR 4.02 in connection with changing the assessment formula for state-chartered banks and credit unions and instituting an assessment formula which would be triggered if necessary as described herein for non-depository institutions pursuant to recent amendments to section 2 of chapter 167 of the General Laws set forth in Chapter 5 of the Acts of 2009.
Assessments and various fees for depository and non-depository financial institutions under the jurisdiction of the Division are by statute to be established annually by the Secretary of Administration and Finance pursuant to section 3B of chapter 7 of the General Laws. The Secretary of Administration and Finance has delegated authority to the Division to perform certain tasks necessary to promulgate these new assessments for state-chartered trust companies, savings banks, co-operative banks, credit unions and non-bank licensees.
The purpose of this hearing will be to give interested parties the opportunity to give comments relative to changing the assessment formula for state-chartered banks and credit unions to fund the costs of supervision of such institutions by the Division as well as to institute an assessment formula for non-depository institutions if the revenues raised by the assessment formula for depository institutions does not meet the Division's budgetary appropriation in a particular fiscal year.
Written comments may be submitted to the Division on the proposed amendments until 5:00 p.m. on Friday, January 22, 2010. Copies of the proposed amendments are available at, and copies may be obtained from, the Massachusetts Division of Banks, One South Station, Boston, Massachusetts 02110 or at www.mass.gov/dob/.