Public Hearing on 209 CMR 4.00: Compliance with Federal Law and Regulation and on 209 CMR 43.00: Audit Requirements for Credit Unions

Pursuant to the provisions of Massachusetts General Laws chapter 167, sections 1A and 6, and chapter 171, section 16, and in accordance with Massachusetts General Laws chapter 30A, section 2, a public hearing will be held on Monday, April 11, 2016 at 3:00 p.m., 1000 Washington Street, Hearing Room 1-E, Boston, Massachusetts, at which the Division of Banks (Division) will receive oral comments relative to the proposed repeal of 209 CMR 4.00: Compliance with Federal Law and Regulation and the proposed amendments to 209 CMR 43.00: Audit Requirements for Credit Unions .

The Division proposes to repeal 209 CMR 4.00, the purpose of which was to cross reference existing federal regulations governing the Deposit of Securities for Safekeeping by Banks, Security and Protection of Banks, and Truth In Savings in order to provide regulatory consistency between federal and state regulations and to reduce the regulatory burden on state-chartered banks and credit unions for compliance with these regulations.  The Division proposes to repeal 209 CMR 4.00 because the authorities for several provisions of this regulation were repealed as part of the recent Bank Modernization law, Chapter 482 of the Acts of 2014.  The Division notes that one provision is still required by M.G.L. c. 167, section 1A relative to the security and protection of credit unions.  The Division is proposing that this one provision be added to another regulation governing credit unions, 209 CMR 43.00.  Additional changes may be made based on comments received at the public hearing or during the comment period.

Written comments may be submitted to the Massachusetts Division of Banks, 1000 Washington St., 10^th Floor, Boston, MA  02118-6400 or at dob.comments@state.ma.us until 5:00 p.m. on Thursday, April 14, 2016.  A copy of the proposed repeal and proposed amendments is available at, and copies may be obtained from, the Massachusetts Division of Banks or at www.mass.gov/dob.