Mass. Bank Regulators Get Power Over Venmo, CashApp
A new bill has been signed by Gov. Maura Healey that gives the state’s banking regulators oversight over peer-to-peer payment apps like Venmo, PayPal and CashApp.
Mass. Money Transmission Bill Protects Consumers, Levels Regulatory Playing Field
Massachusetts residents send billions of dollars every year using money transmission platforms like Venmo, PayPal and CashApp – but with zero state consumer protections.
Banking Laws Lag as Money Transfers Surge
Massachusetts residents used mobile payment platforms like Venmo or CashApp to send or receive more than $31 billion last year and financial regulators at the Division of Banks fear that the public is under the false impression that the activity is regulated.
Advocate Says Not Enough Mortgage Companies Offer FHA Alternatives
A new analysis of Home Mortgage Disclosure Act data shows too many Black and Latino first-time homebuyers are still using expensive FHA loans when much cheaper local options exist, a major housing advocacy group says.
Personnel File
From new VPs to fresh project managers, see who’s been hired, promoted and honored: it’s The Personnel File.
Gallagher Named to FDIC Advisory Committee
Massachusetts’ top banking regulator will have her voice heard in Washington.
First Woman in 45 Years Takes Helm at DoB
The first female commissioner of banks in nearly 45 years, and only the third ever since 1906, Mary Gallagher has an appreciation for regulation that provides a level playing field in an industry that demands consumer confidence and trust.
Recipients of Financial Literacy Education Grants Announced
More than 40 high schools across the commonwealth will receive a total of more than $123,000 in funding to expand or establish financial education programs, including eight first-time applicants.
New Banking Commissioner Could Effect Policy Changes
The recent unexplained departure of state banking Commissioner Terence McGinnis from the Massachusetts Division of Banks opens the door to a new leader and a potential policy shakeup.
Acting Banking Commissioner Could Come From Within Division
Just over two years after he started in the post, Terence McGinnis is out as state banking commissioner, but it’s unclear who his replacement will be.
Division of Banks Awards $1.5M for First-Time Homeownership and Foreclosure Prevention Programs
The Massachusetts Division of Banks yesterday awarded $1.5 million in grants to fund first-time homeownership counseling programs and foreclosure prevention education centers throughout the commonwealth.
Massachusetts Division Of Banks Releases November News
The Massachusetts Division of Banks recently released its news from November of this year.
Nationwide Trends Prompt State Check In On Auto Loans
Potential warning flags cropping up in the auto finance market nationwide are prompting state regulators to take a closer look at auto financing here in Massachusetts.
DoB, Treasury Name Financial Literacy Grant Recipients
Have you ever wondered what the state does with settlements over unlawful lending practices? At least some of that money goes to Massachusetts high schools for financial reality fairs.
An Advocate And Partner
Terence McGinnis has been drinking from a fire hose for the past couple of months – figuratively speaking, of course.
Banking Division Hearing On Debt Collection Draws Out Consumer Advocates, Debt Buyers
A Division of Banks hearing on debt collection practices in Massachusetts drew a healthy turnout last week as the state’s banking regulator and attorney general weighed whether further regulation might be needed.
Under New Interstate Branching Rules, JDCU Opens New Hampshire Branch
Jeanne D’Arc Credit Union in Lowell became the first Massachusetts credit union to take advantage of new interstate branching rules when it opened its newest branch in Nashua, New Hampshire last week.
Internet Lenders Ordered To Refund Millions In Settlement With AG
Attorney General Maura Healey and the Division of...Banking Division To Hold Hearing On Credit Union Branching Reg
The Division of Banks will hold a hearing next month...
