REGULATING AGENCY: Massachusetts Division of Banks
- Mary Gallagher Commissioner
- Jay Bienvenu Senior Deputy Commissioner
- Website: mass.gov/orgs/division-of-banks
- News and Announcements
LEAGUE: Cooperative Credit Union Association
STATS: (As of Dec 2020)
- TOTAL # SCUs: 60
- TOTAL # FCUs: 92
- SCU % OF TOTAL (SCUS #/STATE TOTAL #): 39% of 152 MA CUs
- TOTAL $ SCU ASSETS: $20,980,835,680
- TOTAL $ FCU ASSETS: $25,964,195,077
- TOTAL ASSETS: $46,945,030,757
- SCU % OF TOTAL ASSETS (SCUS $/STATE TOTAL $): 45%
FUN FACT: The Boston University Bridge on Commonwealth Avenue in Boston is the only place in the world where a boat can sail under a train, driving under a car, driving under an airplane.
Division of Banks Joins Multi-State Coalition of Regulators, Inviting U.S. Secretary of Education Cardona to Join Them in Protecting Student Loan Borrowers, Urging the Reversal of Policies that Undermine States’ Oversight of Student Loan Servicers
March 9, 2021 — The Massachusetts Division of Banks joined a multi-state coalition of state financial regulators congratulating Secretary Miguel Cardona on his confirmation and inviting him to partner with states in protecting student loan borrowers across the country. The letter calls to the Secretary’s attention two existing U.S. Department of Education policies that obstruct states’ ability to regulate the private companies that service federal student loans. The state regulators urge Secretary Cardona to reverse these policies and join states’ efforts to ensure the student loan servicing industry is a resource for borrowers, not a barrier to relief or source of harm. The legacy policies have created unnecessary obstacles to states implementing common-sense consumer protections and investigating potential misconduct:
DOE issued guidance asserting that federal law preempts states’ regulation of the private companies that service federal student loan, including licensing requirements and other consumer protections.
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