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Industry Letter

Industry Letter Online Annual Report System filing

Date: 12/31/2014
Referenced Sources: OARS Portal

To the Chief Executive Officer of the Financial Institution Addressed:

The Division of Banks has developed a new website that will allow your financial institution to file its Annual Report to the Commissioner electronically.  The new Online Annual Report System (OARS) will be available beginning January 5, 2015, and will be used for the 2014 annual report filing period.   As you know, in accordance with the General Laws of Massachusetts, an annual report of the institution must be made to the Commissioner of Banks as of the year ending December 31, 2014, and is required to be filed by February 1st of each calendar year.

In the past, the Division has collected the annual report data via hard copy.  Now, you and your employees will be able to file the entire annual report online, including the Loans to Officers information (BLR Form), Subsidiary/CUSO information (Schedule N), and Attestation Form, along with any changes to your main office or branches, Board of Directors/Trustees, and operating officers.  All of the above-mentioned forms and pages will be required to be completed as part of the annual report submission process.

The OARS portal will be available here starting January 5, 2015.  Additionally, you may access the link via our website, www.mass.gov/dob, under the “News and Updates” section.  You will also have the ability to make changes to your contacts throughout the year by clicking on “Online Resources” and then “Financial Industry Services” in the Online Resources section of www.mass.gov/dob

On January 5, 2015, Chief Executive Officers will receive a secure email from the Division of Banks with a unique login and password for accessing OARS.  To ensure you receive this secure email, please add “DOB_DIS@state.ma.us” to your list of email contacts. 

We are confident that the OARS annual report website will make the process easier and more seamless for your employees and Directors/Trustees to complete, as electronic signatures will be allowed and the website can be accessed from any computer.  A users’ manual will also be available on the OARS website for troubleshooting.

If you should have any questions, please don’t hesitate to contact us.  Credit unions may contact Chief Director Andrea L. Cipolla at (617) 956-1532 or andrea.cipolla@state.ma.us.  Banks may contact Regional Field Manager Michael T. Hensler at (617) 956-1524 or michael.hensler@state.ma.us.

Sincerely,

David J. Cotney
Commissioner of Banks

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