Massachusetts to Sue Equifax for Data Breach

Bank Innovation

Equifax is likely to face a lawsuit from Massachusetts Attorney General Maura Healey, who said Tuesday that she plans to file a lawsuit against the credit rating agency over a data breach that’s compromised the personal information of the state’s residents.

Gas Payment Solution PayByCar Launches In Massachusetts

PYMNTS

A first-in-the-nation payment solution that allows drivers to purchase gas from their cars without taking out cash, a credit card or a mobile app has launched in Westborough, MA.

Massachusetts Can Proceed With Lawsuit Against Equifax

PYMNTS

A judge has ruled that the state of Massachusetts can move forward with its lawsuit against Equifax. The breach resulted in several lawsuits filed against Equifax, including one by Massachusetts Attorney General Maura Healey. Equifax knew about the vulnerabilities in its system for months, but utterly failed to keep the personal information of nearly three million Massachusetts residents safe from hackers,” said Healey at the time.

Massachusetts assembles fintech panel after crypto crackdown

BankThink

Galvin Commonwealth of Massachusetts 57582R MassachusettsDigital-asset companies will try to develop a less adversarial relationship with the state's securities regulator, who stopped several startups from selling digital currencies as investments. Compliance Regulatory guidance Fintech regulations State regulators Blockchain Bitcoin Distributed ledger technology William F.

Massachusetts: Frozen Growth In The Frozen North

PYMNTS

And nowhere in the region are these qualities more on display than in Massachusetts, the state that both brought us the phrase “Boston Strong” and countless memes of people barbecuing during blizzards. The vagaries of the New England economy show up, encapsulated, in Massachusetts.

Mutual in Massachusetts lays groundwork for buying spree

BankThink

Mutual banks Charter conversions Strategic buyers Community banking MassachusettsJoseph Campanelli, CEO of Needham Bank, wants to be ready to scoop up mutuals struggling with rising costs and yield curve challenges.

FDIC approves Massachusetts de novo application

BankThink

De novo institutions Community banking Capital MassachusettsNew Valley Bank & Trust is set to become the state’s first new bank since 2008.

Massachusetts Co-ops Planning Merger

American Banker

Abington Bank in Massachusetts is planning to merge with Holbrook Co-operative Bank in Massachusetts. breaking_news community-banking m-a ma dealmaking-strategy

Walmart Officially Sorry It Can’t Tell Massachusetts From Maryland

PYMNTS

Until this past Monday (April 4), the retail giant had confusingly sold a Russell Athletic t-shirt depicting an image of a state that was clearly Massachusetts yet with a facsimile of the University of Maryland’s “M” logo and the word “Terps” written within its borders (“Terps” was actually squeezed into the eastern “arm” of the state that is arguably Massachusetts’ most obviously identifying characteristic).

Massachusetts mutual gains executive talent with latest merger

BankThink

Strategic buyers M&A Community banking Mutual banks MassachusettsHometown Financial will merge Abington Bank into Pilgrim Bank. The combined bank will be run by Andrew Raczka, Abington's CEO.

Massachusetts bank to have first new CEO in two decades

BankThink

Women in Banking Community banking Succession planning Growth strategies MassachusettsEdward Doherty is set to succeed Janice Houghton when she retires in November.

Massachusetts lender sets lofty goal: Double in size in five years

BankThink

Community banking Consumer banking Commercial lending M&A MassachusettsHarborOne Bancorp — led by James Blake, one of our five community bankers to watch in 2019 — is a former credit union that recently made its first bank acquisition and has Boston and other markets in its sights.

East Coast Face-Off: New York Tech Investment Beats Massachusetts By Wide Margin In 2015

CB Insights

New York and Massachusetts are known as the two top tech hubs in the eastern United States, and have each produced unicorn companies and well-known exits like Etsy (New York), OnDeck Capital (New York), Wayfair (Massachusetts) and many more. Massachusetts has on some quarters eclipsed New York for … Continued. Funding & Dealflow Massachusetts New York

Brookline to buy First Commons Bank in Massachusetts

BankThink

Community banking M&A Capital Growth strategies MassachusettsBrookline will pay $56 million in cash and stock for First Commons in a deal that will add $324 million in assets.

In Massachusetts, a call for a public bank to serve pot firms

BankThink

Marijuana banking Marijuana industry Commercial banking Law and regulation Compliance MassachusettsWith the state only months away from allowing the sale of pot for recreational use, its top cannabis regulator is urging policymakers to consider creating a public bank to provide services to growers and dispensaries that might otherwise have nowhere else to bank.

Massachusetts credit unions achieve $2 million milestone

CU Insight

The idea of so many children throughout Massachusetts not having their own bed is unimaginable,” CCUA President/CEO Ronald McLean said. Massachusetts credit unions have banned together to ensure every child has a place to dream.

Wells Fargo got off easy; Massachusetts sues Equifax

BankThink

Morning scan Earnings Investment returns Finance and investment-related court cases Credit cards Cyberattacks CFPB Wells Fargo Equifax Commonwealth of MassachusettsAn internal CFPB memo says it was considering a $10 billion fine before settling on $100 million; state suit against credit bureau is likely to be the first of many.

Have the rules for third-party debt collectors changed in Massachusetts?

CFPB Monitor

It has been reported that, without announcement or warning, the regulations applicable to third-party debt collectors in Massachusetts may have changed. Debt Collection State CFS Monitor State regulation debt collector massachusetts

Massachusetts CU to serve recreational pot industry

CU Insight

A Massachusetts credit union is set to be the first financial institution in the state to serve its recently legalized recreational pot industry. Massachusetts legalized recreational marijuana July 1; it is one of nine states and Washington, D.C., The post Massachusetts CU to serve recreational pot industry appeared first on CUInsight. Marijuana Massachusetts NAFCU NAFCU Newsroom pot weed

Cape Cod Five Cents creates co-president roles

BankThink

Dorothy Savarese will remain the Massachusetts thrift's chairman and CEO. Community banking Career moves Succession planning WIB scan Massachusetts

California, Florida, Massachusetts, N. Dakota Approve Pot Measures

American Banker

Voters in Florida and North Dakota approved medical marijuana measures on Tuesday, while their counterparts in California and Massachusetts approved recreational pot initiatives, according to projections. breaking_news consumer-finance national-regional compliance kyc ca fl mt nd ma me az nv ar law-regulation

Reluctant convert: This Massachusetts mutual may be out of options

BankThink

A recent acquisition that was highly dilutive, and a lack of suitable mutual targets, could spur HarborOne Bancorp to pursue a second-step conversion. Community banking Mutual banks M&A Consolidations

People's United to cross $50B in assets with United Financial deal

BankThink

The Connecticut company will add heft in its home state and Massachusetts when it buys the former mutual. Community banking Regional banks M&A Capital Growth strategies Connecticut Massachusetts

MA Vape Sales Ban Triggers Retailer Lawsuits

PYMNTS

The state of Massachusetts is facing a lawsuit over a new temporary ban on vaping product sales. Behram Agha, one of the plaintiffs in the federal lawsuit, owns four vape shops in Massachusetts, all of which are now closed.

Retail 164

Massachusetts law firm to pay $1M over debt collection practices

BankThink

The collections firm Lustig, Glaser & Wilson often harassed the wrong consumers, demanded amounts that were not owed, bullied consumers into paying from exempt income, and failed to obtain legitimate documentation of those debts, state officials said. Enforcement Collections Policymaking

Southeast Financial CU Settles with Massachusetts over Financing Fraudulent Academic Services

Keith Leggett's Credit Union Watch

Southeast Financial Credit Union (Franklin, TN) will provide $650,000 in loan relief and cash refunds to more than 500 Massachusetts students, according to Massachusetts Attorney General Maura Healey. Southeast Financial Credit Union will discharge approximately $450,000 in loans made to Massachusetts students of The College Network, a for-profit company that marketed online study guides and educational services to consumers, including many prospective nurses.

Massachusetts' Regulator: Dishonored Check Fee Set at $7.17 Per Item

Keith Leggett's Credit Union Watch

The Massachusetts Division of Banking has set the maximum fee for dishonored checks (deposit returned items) at $7.17, which was the median cost for a sample of state chartered financial institutions to process deposit returned items. Massachusetts State Law authorizes the commissioner of banks to annually establish a reasonable fee that compensates a bank or credit union for the direct cost incurred in processing deposit return items.

Serial acquirer bound for Boston pivots to branching

BankThink

Community banking M&A Growth strategies MassachusettsHometown Financial, which completed three acquisitions this year, is considering branch openings for a push into the city.

Small-dollar loan formula eludes banks, credit unions

BankThink

Payday lending Community banks Consumer lending Federal credit unions NCUA Virginia Minnesota MassachusettsTheir challenge is creating a viable, profitable product that doesn't get flagged for being predatory.

Massachusetts Regulator Fines LPL $1 Million for Failing to Supervise Advisers Operating at CU

Keith Leggett's Credit Union Watch

The Boston Globe is reporting that the Massachusetts Securities Division has fined LPL Financial Holdings Inc. $1 LPL is a broker-dealer and investment adviser headquartered in Boston, Massachusetts. According to the Massachusetts Securities Division, the employees did not make it clear to customers that they were being paid by both the credit union and LPL. The credit union was not cited because the Massachusetts Securities Division does not regulate credit unions.

Berkshire Hills discloses issue with commercial loan

BankThink

Community banking Earnings Credit quality Fraud losses MassachusettsThe Boston company said the loan participation went into default due to potentially fraudulent activity.

Massachusetts: Maximum Fee for Dishonored Checks Is $6.84

Keith Leggett's Credit Union Watch

The Massachusetts Division of Banking has set the maximum fee for dishonored checks (deposit returned items) at $6.84, which was the median cost for a sample of state chartered financial institutions to process deposit returned items. Massachusetts State Law authorizes the commissioner of banks to annually establish a reasonable fee that compensates a bank or credit union for the direct cost incurred in processing deposit return items.

Cambridge Savings forms asset-based lending business

BankThink

The Massachusetts mutual hired two former bankers from Blue Hills Bancorp, which was recently sold to Independent Bank. Community banking Mutual banks Asset-based lending Massachusetts

Using AI to find the ideal branch location

BankThink

Community banking Branch banking Branch management Branch network Fintech MassachusettsParamount Financial Technologies says its software can help banks answer key questions about their branch networks, including when it makes sense to expand them.

Massachusetts CU Regulator Adds Sensitivity to Market Risk to Exams

Keith Leggett's Credit Union Watch

The Massachusetts Division of Banks announced on December 18 that it added “Sensitivity to Market Risk” as a standalone component of its Risk Management examinations. Massachusetts Division of Banks noted that at least five state credit union regulators have already adopted the FFIEC’s CAMELS rating system for credit union examinations.

People’s United has no intention of stopping at $50 billion

BankThink

Community banking M&A Growth strategies Connecticut MassachusettsThe Connecticut company, which will top that asset milestone when it buys United Financial, says it could buy more banks in coming months.

Inside Berkshire's ambitious diversity campaign

BankThink

Community banking Workplace culture Career moves Massachusetts U.S.Malia Lazu, a former community organizer, is overseeing a cultural shift at the Boston company that includes a new program designed to make more loans to minorities.

Massachusetts Dishonored Check Fee Set at Maximum of $7.23, Goes Into Effect on July 1

Keith Leggett's Credit Union Watch

The state of Massachusetts set the maximum dishonored check fee that state-chartered banks and credit unions may assess at $7.23. This fee will go into effect on July 1, 2017. The 2017 deposit return items (DRI) fee is based upon deposit return item cost data from a sample of state-chartered banks and credit unions. The state surveyed 72 financial institutions. The sample was evenly divided between banks and credit unions. The cost of processing deposit returned items ranged from $1.21

Massachusetts Price Control: $5.71 Maximum Fee for Processing Dishonored Checks

Keith Leggett's Credit Union Watch

I came across an April 4th decision by the Massachusetts Division of Banks setting the maximum allowable fee that state chartered banks and credit unions may charge consumer deposit accounts for processing dishonored checks or deposit returned items for the next year. Massachusetts State Law authorizes the commissioner of banks to annually establish a reasonable fee that compensates a bank or credit union for the direct cost incurred in processing deposit return items.

CFPB March 2017 complaint report highlights credit card complaints, complaints from Massachusetts consumers; Ballard Spahr to hold April 13 webinar

CFPB Monitor

The report also highlights complaints from consumers in Massachusetts and the Boston metro area. Findings regarding complaints from Massachusetts consumers include the following: As of March 1, 2017, approximately 20,600 complaints were submitted by Massachusetts consumers of which approximately 15,400 were from Boston consumers. Barbara S. Mishkin. The CFPB has issued its March 2017 complaint report that highlights credit card complaints.

Mass. mutual planning second-step conversion

BankThink

Mutual banks Bank stocks Community banking MassachusettsProvident Bancorp, one of the nation's oldest active banks, is setting the stage to become a fully stock-owned company.

Second M&A deal in four months for Independent in Mass.

BankThink

The acquisitive company plans to buy Blue Hills Bancorp to boost its footprint in eastern Massachusetts. Community banking M&A Integrations Capital Growth strategies Massachusetts

Cooperative Bank of Cape Cod in Massachusetts names first female CEO

BankThink

Lisa Oliver, who will also become the bank's president, previously ran the business banking division at KeyBank. WIB scan Succession planning Mutual banks