#2023-22, December 22, 2023

Massachusetts Bankers Association Testifies on Proposed “Junk Fees” Regulations

As you know, Attorney General Andrea Campbell’s office recently released a new set of regulations aimed at prohibiting so-called “junk fees” as reported in the Boston Globe article -- 'Junk fees' are focus of new regulations from AG Campbell (bostonglobe.com). The Association submitted written testimony ahead of a public hearing this past Wednesday outlining our concerns with the proposed regulations and requested an exemption for the banking industry. To read our testimony, click here.

While on their face the newly proposed regulations appear mostly aimed at “junk fees” added in the sale of products, there are some advertising, solicitation and other provisions looped into the proposed regulation that merits industry review. Thomas P. Quinn, Jr., Partner at Hudson Cook, LLP, provided an analysis of the draft regulation, which can be found here.

We will keep you posted on any updates going forward.

Governor Healey Unveils 2023 Economic Development Plan

Governor Healey recently unveiled her administration’s first economic development plan – “Team Massachusetts: Leading Future Generations.”

Citing Massachusetts’ long history of leadership in industries such as financial and intellectual capital, health care, higher education, and others, the plan is “drafted with this strong history and record of success in mind, and with an eye towards a vibrant future for our state, its economy and its people. This plan reflects a vision for Massachusetts which is organized around three main priorities, supported by specific initiatives for each:

1. Fundamentals: Investing in the fundamentals to enable economic growth,

2. Talent: Retaining and attracting the world’s best talent across all backgrounds, and

3. Sectors: Supporting businesses that power the state’s economy.”

According to the Governor’s office, this plan will guide her administration’s priorities over the next four years “to make Massachusetts more affordable, competitive, and equitable.”

To read more about the economic development plan click the links below:

Team Massachusetts: Leading Future Generations

Healey-Driscoll Administration Announces 2023 Economic Development Plan | Mass.gov

Beacon Hill Report Update

Due to the Christmas and New Year Holidays and depending on relevant advocacy updates, there may not be a Beacon Hill Report next week. On behalf of the Massachusetts Bankers Association, we wish you a happy, healthy and safe Holiday Season and a great start to the New Year!