The Association’s comprehensive bank modernization law, Chapter 482 of the Acts of 2014, was effective, April 7, 2015. While there are no provisions of the new law that require banks to take any immediate actions, all state-chartered institutions should familiarize themselves with the new statute since there are many new provisions that will allow banks to streamline their corporate governance, engage in new powers and activities, and simply their consumer compliance procedures. Below are a number of bank modernization resources. Please bookmark this page as we will continue to add information periodically.
Text of an Act Modernizing the Banking Laws and Enhancing the Competitiveness of State-Chartered Banks (Chapter 482 of the Acts of 2014)
Section-by-Section Summary of Chapter 482 of the Acts of 2014 (Adobe PDF File)
Key Matters of Interest (Adobe PDF File)
Letter from Commissioner of Banks David Cotney Regarding Implementation of Chapter 482 (Adobe PDF File)
Repeal of 209 CMR 47.00: Parity With Federal Banks or Out-Of-State Banks (Adobe PDF File)
If you have any questions regarding Chapter 482, please contact Brad Papalardo or Larry Liuzzo at the Association office.