Related to:
Proposed

209 CMR 47: Parity with national banks

Date: 12/28/2017
Organization: Division of Banks
Regulatory Authority: Gramm-Leach-Bliley Financial Services Act
Official Version: Published by the Massachusetts Register

This is an unofficial version of Commonwealth regulations and is posted here for the convenience of the public. It is not an official statement of the regulations.

47.01: Purpose and scope

The purpose of 209 CMR 47.00 et seq. is to specify authorized powers and activities of banks, pursuant to M.G.L. c. 167F, §2, clause 31, and to establish procedures and requirements, applicable to banks seeking to exercise additional or more flexible parallel powers granted to or conduct activities authorized for national banks under Federal law, to the extent that such powers are not otherwise prohibited under State law.

In determining whether or not to authorize any power or activity, the Commissioner shall also determine whether or not competition among banks will be unreasonably affected and whether public convenience and advantage will be promoted.

A bank may, under M.G.L. c. 167F, §2, clause 31 and 209 CMR 47.00 et seq., exercise only those powers and engage in only those activities authorized by the Commissioner as set forth in 209 CMR 47.00 et seq. Powers and activities not so authorized are prohibited.

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