Bank Modernization Law - Massachusetts Bankers Association

How the New
Bank Modernization Law
Benefits Your Bank
Thursday, February 26: Sheraton Springfield
Wednesday, March 4: Sheraton Framingham Hotel
Registration 8:30 AM s Program 9:00 AM s Concludes 12:30
PM
In one of his last official acts as governor, Deval Patrick signed into law the Association’s sweepWho Should Attend:
ing 109-page new Bank Modernization bill as Chapter 482 of the Acts of 2014. This law, which
is effective on April 7, 2015, updates and modernizes the Commonwealth’s banking laws for the
first time in more than 30 years. As you know, the banking and financial services landscape has
changed dramatically and technology is now driving advances in our industry faster than ever.
Chapter 482 enhances the powers of state-chartered institutions to reflect these advancements
in financial services and technology and ensures that Massachusetts state chartered institutions
remain competitive in this evolving environment.
Some of the key provisions in the bank modernization law:
•
Provides broad new authority for state-chartered institutions to engage in new technologies
and collaborative Partnerships;
•
Enhances the state’s so-called “wild-card” or parity powers to level the playing field with
national banks, federal thrifts and out-of-state banks;
•
Streamlines and modernizes compliance with many of the state’s consumer protection laws
by directing banks to comply with federal laws and regulations;
•
Expands and streamlines corporate transaction provisions in Massachusetts and ensures
that state-chartered banks and holding companies have additional structural options available to them; and
•
Updates and standardizes corporate governance for savings banks, co-operative banks
and trust companies.
On Thursday, February 26 and Wednesday, March 4 the Association is sponsoring half-day
seminars in Springfield and Framingham to explain the key details, benefits and opportunities
Chapter 482 provides to Massachusetts chartered banks. Presentations will focus on key areas
of the new law, including its impact on Corporate Governance; Corporate Transactions; Powers;
and Changes for the Division of Banks. Representatives from the major banking law firms as
well as the Division of Banks will participate in the programs.
We strongly encourage all state-chartered banks to have at least one representative at these
important seminars, as Chapter 482 rewrites several chapters of the core banking statutes
Chapters 167 to 172 of the General Laws.
CEOs, CFOs, COOs, senior bank management, compliance personnel, and bank legal
counsel. Please route to the appropriate
departments.
Speakers:
John Chapman, Undersecretary, Office of
Consumer Affairs and Business Regulation,
(Framingham)
David J. Cotney, Commissioner, Massachusetts Division of Banks
Kenneth J. Erhlich, Esq., Partner, Nutter McClennon and Fish
David E. Floreen, Advisor, Massachusetts
Bankers Association
Kevin F. Kiley, Executive Vice President, Massachusetts Bankers Association
Joseph A. Leonard, Jr., Esq., Special Consultant, Massachusetts Bankers Association
William Mayer, Esq. Partner, Goodwin Procter
LLP. Boston (Springfield)
Sean Mahoney, Esq., Partner, K & L Gates
Stanley J. Ragalevsky, Esq., Partner, K & L
Gates
Jon K. Skarin, Senior Vice President, Massachusetts Bankers Association
William Stern, Esq. Partner, Goodwin, Procter
LLP. Boston (Framingham)
Michael Tucker, President and CEO, Greenfield Cooperative Bank and Chair, Bank Modernization Task Force (Springfield)
Directions:
Sheraton Springfield Monarch Place Hotel | One Monarch Place, Springfield, 01144
Sheraton Springfield Monarch Place Hotel is located in the heart of downtown Springfield on the banks of the Connecticut River and provides convenient access
to Interstate 91. Click here to be directed to their website to get driving directions to the hotel. http://www.sheratonspringfield.com/parking-and-directions
Sheraton Framingham Hotel | 1657 Worcester Road, Framingham, 01701
From East: Follow the Massachusetts Turnpike (I-90) West to Exit 12. Bear Left after the toll (turns into Route 9 West towards Framingham). Stay in the
right lane. The hotel is the first building on the right.From North: Take Interstate 93 South to Exit 37B (Interstate 95 South/Route 128 South towards
Waltham). Follow I-95/Rte. 128 South to Exit 25 (Interstate 90 West/Massachusetts Turnpike). From the Massachusetts Turnpike take Exit 12 and bear
left after the toll (turns into Route 9 West towards Framingham). Stay in the right lane. The hotel is the first building on the right.From West: Follow the
Massachusetts Turnpike (Interstate 90) East to Exit 12. Bear left after the toll (turns into Route 9 West towards Framingham). Stay in the right lane. The
hotel is the first building on the right.From South: Take Interstate 95 North to Exit 6B (Interstate 495 North towards Worcester). Continue on I-495 North
for about 25 miles. Take Exit 22 (Massachusetts Turnpike/Interstate 90 East) towards Boston. Follow the Massachusetts Turnpike (I-90) East to Exit 12. Bear
left after the toll (turns into Route 9 West towards Framingham). Stay in the right lane. The hotel is the first building on the right.
One Washington Mall, 8th Floor, Boston, MA 02108-2603  617.523.7595 Fax: 617.523.5960  www.massbankers.org
How the New Bank Modernization Law Benefits Your Bank
Thursday, February 26, Sheraton Springfield s Wednesday, March 4, Sheraton Framingham Hotel
Agenda
8:30 a.m.
Registration and Continental Breakfast
9:00 a.m.
Welcome & Introductions
Kevin F. Kiley, Executive Vice President, Massachusetts Bankers Association
9:05 a.m.
Goals and Objectives of Bank Modernization (Springfield)
Michael Tucker, President and CEO, Greenfield Cooperative Bank and Chair, Bank Modernization Task Force
Importance of Massachusetts Banks to Regional Economy (Framingham)
John Chapman, Undersecretary, Office of Consumer Affairs and Business Regulation, Boston
9:20 a.m.
Overview of Chapter 482: Key Features, Opportunities
Jon Skarin, Senior Vice President, Massachusetts Bankers Association
Joseph A. Leonard Jr. Esq. Special Consultant, Massachusetts Bankers Association
9:45 a.m.
Corporate Governance Reforms
Stanley J. Ragalevsky, Esq., Partner, K & L Gates, Boston
Sean Mahoney, Esq., Partner, K & L Gates, Boston
10:15 a.m.
Corporate Transactions
Kenneth J. Erhlich, Esq., Partner, Nutter McClennon and Fish, Boston
10:45 a.m.
Break
11:00 a.m.
Expanded Powers and Other Law Changes
William Mayer, Esq. Partner, Goodwin Procter LLP. Boston (Springfield)
William Stern, Esq. Partner, Goodwin, Procter LLP. Boston (Framingham)
11:30 a.m.
Implementation of Chapter 482: Division of Banks Perspective
David J. Cotney, Commissioner of Banks
12:00 Noon
Emerging Issues, Next Steps; Q and A
Panel Discussion
Moderator: David E. Floreen, Senior Advisor, Massachusetts Bankers Association
12:30 p.m.
Adjourn
How the New Bank Modernization Law
Benefits Your Bank
Thursday, February 26: Sheraton Springfield s Wednesday, March 4: Sheraton Framingham Hotel
Registration 8:30 AM Program 9:00 AM Concludes 12:30 PM
Pease print or type:
Institution______________________________________________________________________________________
Billing Address__________________________________________________________________________________
City___________________________________ State______________ Zip Code_____________________________
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Please register the following persons:
Name
Corporate Title
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Location
(Springfield/Framingham)
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Member $195
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$390
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Online: www.massbankers.org
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by credit card must be faxed, do not email.
Mail: Send this form with a check to:
Massachusetts Bankers Association-NBM15
One Washington Mall, 8th Floor, Boston, MA 02108-2603
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Expiration Date______________________ Signature______________________________________________ Cancellation and refund policy: A $75 per person cancellation fee will be charged. No refunds for cancellations made within three
business days of the program, whether you register online, fax, email, or mail your registration. Substitutions from your bank are encouraged
if you are unable to attend. Please note that if you don’t cancel and don’t attend, you are still responsible for payment, however seminar
materials will be sent to you. If you faxed or emailed your registration and cancel within three days of the program, you will be invoiced.
Application Deadline: To assist us in planning, applications should be submitted as soon as possible no not later than February 19, 2015.
Please direct inquiries or cancellation information to Pat Tabolsky, registrar, 617.523.7595 or ptabolsky@massbankers.org.
For faster registration, register on-line at www.massbankers.org. Payment by check must be received by the Association, on or before
the seminar date, either by mail or hand-carried to the seminar.