Mass. Bank Regulator Takes Action Against Wise
Massachusetts’ top financial cop is fining money-transfer company Wise $4.2 million as part of settlement involving six state regulators.
LoanDepot Settles with State for $1M Over Servicing License
California-based mortgage company loanDepot has agreed to a $1 million settlement with the Massachusetts Division of Banks over allegations that it acted as a third-party mortgage servicer without registering with the state.
More Small Credit Unions Look to Merge
Massachusetts has at least six planned or recently completed credit union mergers this year, with some of the state’s smallest institutions continuing to seek out combinations.
Mortgage Lender Settles Charges It ‘Misled’ Mass. Customers
California-based lender Mutual of Omaha Mortgage Inc. has agreed not to include misleading statements in its advertisements as part of a consent order with the Massachusetts Division of Banks.
States Settle With LOs Accused in Education Scheme
The Massachusetts Division of Banks has joined more than 40 other regulatory agencies nationwide in settling with hundreds of mortgage loan originators who allegedly participated in schemes to avoid taking required classes to maintain mortgage licenses.
First Female President in 175 Years
Gloucester-native Marianne Smith was a college student when she first worked at Cape Ann Savings Bank as a teller. Thirty years and jobs at several other institutions later, she became its first female president, ever.
Personnel File
From new VPs to fresh project managers, see who’s been hired, promoted and honored: it’s The Personnel File.
Massachusetts Residents Receive $2M in Mr. Cooper Settlement
More than 1,000 Massachusetts homeowners will receive a total of $2 million as part of a nationwide settlement with Texas-based Nationstar Mortgage.
Berkshire Bank Will Pay Fourth-Quarter Dividend
Berkshire Bank will pay a quarterly dividend in the fourth quarter, keeping the same reduced amount it had paid last quarter.
Consent Order Alleges HMDA Issues at Freedom Mortgage
New Jersey-based Freedom Mortgage must update its procedures for complying with fair lending laws as part of a consent order with the Massachusetts Division of Banks.
Limited Experience Kept Some from Making PPP Loans in Mass.
Limited experience with business lending was a key reason cited by banks and credit unions to stay out of the Paycheck Protection Program, according to a survey by the Massachusetts Division of Banks.
Fed Terminates Enforcement Action Against State Street
An enforcement action against Boston-based State Street Corp. over Bank Secrecy Act and anti-money laundering regulations was terminated Thursday by the Federal Reserve Board.
Video/Telephone Counseling OK’d for Reverse Mortgages
Telephone and video counseling for homeowners seeking a reverse mortgage will be allowed as long as Massachusetts remains under a state of emergency due to the coronavirus pandemic.
DOB Releases Foreclosure Moratorium Guidance for Lenders
New state legislation that established a moratorium on foreclosures during the coronavirus emergency does not change a lenders’ responsibilities under Massachusetts’ existing right-to-cure law, according to guidance on the moratorium issued by the Division of Banks.
Bank Commissioner Encourages PPP Collaborations
Massachusetts Banking Commissioner Mary Gallagher is encouraging banks and credit unions to consider collaborating with one another to meet the demand of the Paycheck Protection Program and ensure businesses have equitable access to funds.
Banks Get Extension to File Annual, Quarterly Call Reports
With federal and state regulators encouraging banks and credit unions to support customers during the coronavirus pandemic, agencies have in turn relaxed some of the filing deadlines for financial institutions.
Mass. Mortgage Servicers Expected to Support Borrowers
As the widening financial crisis is expected to affect a growing number of mortgage borrowers, the Massachusetts Division of Banks has notified lenders and mortgage servicers that they are should work with borrowers experiencing financial hardships due to the coronavirus.
FDIC Urges CECL Delay During Economic Crisis
As federal and state regulators encourage banks and credit unions to work with customers facing financial hardships due to the coronavirus crisis, the Federal Deposit Insurance Corporation chairman wants to delay the implementation of a new accounting standard for banks.
DOB Promises No Criticism as Banks Grapple with Borrowers’ Virus Troubles
As banks and credit unions face more individual and business customers suddenly struggling thanks to the coronavirus outbreak, the state Division of Banks has promised its examiners won’t criticize “safe and sound” steps they may take to help keep borrowers afloat.
Tremont Credit Union Now Open to MassBio Members Following Deal
Tremont Credit Union received approval from the Massachusetts Division of Banks to add the Massachusetts Biotechnology Council (MassBio) to its field of membership. In addition to employees of MassBio, the expansion includes employees of the not-for-profit organization’s 1,200 member companies throughout Massachusetts.
