#2023-26, October 20, 2023

Massachusetts Bankers Association Hosts Briefing for Committee on Financial Services 

On Monday the Association hosted an informal briefing session for the members of the Joint Committee on Financial Services. We were pleased to have House Chair James Murphy (D- Weymouth), Senate Chair Paul Feeney (D- Foxborough), and several members of the Committee and their staff join us to learn about the Association’s legislative priorities and of the over 350 bills we are currently monitoring. 

Association members also had the opportunity to network with the legislators, staff and each other to discuss various topics of the day. Special thanks to the MBA State Legislative Committee members and MBA members who joined us. We look forward to hosting similar events in the future.

Kathleen Murphy, MBA President & CEO, gives opening remarks at MBA Informal Briefing Session

Pictured L to R: Kathleen Murphy, MBA President & CEO, State Representative James Murphy, House Chair, Committee on Financial Services, State Senator Paul Feeney, Senate Chair, Committee on Financial Services, Brad Papalardo, Esq., MBA Senior Vice President, Chief of Government Affairs & Counsel, Larry Liuzzo, Vice President of Government Affairs.

Governor Healey Unveils $4 Billion Housing Bill, Transfer Tax Included

Earlier this week, Governor Healey unveiled a $4 billion housing bond bill aimed at, among other provisions, increasing the housing stock by roughly 40,000 new homes across the Commonwealth over the span of five years. The housing bill has 28 different policy proposals, including one that would give municipalities the ability to impose a real estate transfer tax on high-dollar real estate transactions.

The Association and member institutions believe strongly that the Commonwealth needs more affordable and market rate housing; however, we oppose any proposals to implement new transfer taxes on real estate transactions to fund such initiatives. The Association recently submitted testimony to that effect to the Joint Committee on Revenue highlighting our opposition to several bills that would allow for the implementation of real estate transfer taxes on certain home sales. To read our testimony, click here.

The Boston Globe’s Andrew Brinker has more on the Governor’s housing plan, which can be found here. 

We look forward to working with the Administration, the Legislature and other stakeholders on this important issue. We will keep you posted on all developments going forward.

Masschusetts Bankers Association Comments on Data Privacy Bills

Yesterday, the Association submitted testimony to two separate committees hearing several pieces of legislation with the intent to protect personal information and data. Most of the bills heard either did not include the exemption provided to financial institutions under the federal Gramm-Leach-Bliley Act (GLBA), or a pared-down version of a GLBA covering only personal information – a concern for the Association as we are seeking a full entity-level exemption. 

MBA continues to educate legislators that under the strict privacy and data security standards under the GLBA and other related provisions, members are already heavily regulated in this area and invest millions of dollars each year to ensure their customers’ data is protected. 

We look forward to working with the Committees to ensure exemptions for financial institutions are included, should any of the bills advance out of Committee. To read our testimony, click here. 

Senate Passes Salary Range Transparency Bill

In a 38-1 vote, the MA Senate passed a salary range transparency bill yesterday. The text of the bill is similar to what the MA House passed recently. Any differences between the two may be worked out through amendments before a final bill is passed by both chambers. 

After feedback we received from member institutions, the Association wrote to the Massachusetts State Senate on Wednesday outlining a number of concerns with the bill in its current. To read our letter to the MA Senate, click here. 

As a reminder, the proposed legislation:

1. mandates that covered employers and their agents disclose pay range for a particular position on posting or advertisement of that position and when asked by applicant or current employee; 
2. orders employers to disclose pay range for promotion or transfer when offering new position to employee; 
3. lists penalties for employers violating this section; and 
4. directs the Attorney General to enforce and make a public awareness campaign to inform employers of this new policy.

To read the bill’s text, click here. 

We will keep you posted on all developments. 

Massachusetts Bankers Association Supports Financial Literacy Bills 

Last week, the Association was pleased to submit testimony in support of three pieces of legislation that would further enhance and encourage the implementation of financial literacy and personal finance curriculum in Massachusetts public schools. 

The Association and member banks across the Commonwealth have been at the forefront providing financial education services to various audiences, including students, for many years, and understand the importance of providing such education, especially at an early age. While these programs offer significant value to those who partake, students are not required to take financial literacy and personal finance classes. Compared to other states around the country, at least twenty-one states require a financial literacy class to graduate from high school and at least forty states require financial literacy standards for grades 9-12 – Massachusetts requires neither. 

Additionally, MBA member institution, Webster Bank, recently announced findings from its inaugural “Financial Empowerment Study,” which examined the financial challenges and literacy of consumers. Among the key findings, the study found that 27% of U.S. consumers received any sort of financial education in middle school or high school. To read the report, click here. 

We believe Massachusetts should join that growing list and incorporate financial literacy curriculum into K-12 education. We look forward to working with the bills’ sponsors and the Massachusetts Legislature to implement financial literacy and personal finance curriculum in Massachusetts public schools. To read our testimony, click here. 

We will update you on all progress going forward. 

Massachusetts Department of Revenue FAQs on 4% Surtax on Income over $1 Million

Last week, MA DOR released a series of FAQs related to the treatment of the 4% surtax on income over $1 million.

For more information, click here. 

Election Day is Tuesday, November 7, 2023

With under 3 weeks until Election Day, many municipalities are gearing up for a busy election season. You know better than most the vital role that municipal government plays in our daily lives and how important it is to vote in local elections.

For your convenience, find pertinent election information in the links below:

• Register to Vote
• Upcoming Elections – Primary and General Election Day Dates and Information
• Find Your Polling Place
• Vote-by-Mail Information
  •  To track your mail-in ballot: Track Your Ballot 

For more 2023 Election information and resources, click here.