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Commonwealth of Massachusetts Division of Banks

Commonwealth of Massachusetts Division of Banks. 2005 Performance Survey. Quick Survey Facts. Surveys were sent via mail to 269 financial institutions (banks and credit unions) 29% response rate (79 responses) 41 banks 32 credit unions 6 remained anonymous. Summary of Agency Performance .

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Commonwealth of Massachusetts Division of Banks

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  1. Commonwealth of Massachusetts Division of Banks 2005 Performance Survey

  2. Quick Survey Facts • Surveys were sent via mail to 269 financial institutions (banks and credit unions) • 29% response rate (79 responses) • 41 banks • 32 credit unions • 6 remained anonymous

  3. Summary of Agency Performance

  4. Summary for Safety & Soundness Examinations

  5. Summary for Consumer Compliance Examinations

  6. Summary for Community Reinvestment Act Examinations

  7. Summary for Legal Processes

  8. What steps could be taken to reduce unnecessary regulatory burden? • Major Responses: • Improve coordination with federal regulators, particularly in the areas of Compliance and CRA examinations, to reduce examination-related regulatory burden and maximize the cycle between reviews • Reduce examination duration by increasing the off-site portion of examinations, increasing the use of technology and pre-planning, and using a risk-focused approach when possible • Lengthen time between examinations for well-run institutions • Continue to modernize the existing legislative framework and increase parity powers for banks and credit unions to remain competitive with federal and out-of-state banking authorities • Streamline application procedures to eliminate redundancy and improve operational efficiency

  9. What steps can be taken to improve the examination process (i.e. Safety & Soundness, Consumer Compliance, and/or Community Reinvestment Act)? • Major Responses: • Improve communication with management by keeping them informed throughout the entire examination process • Reduce examination duration by increasing the off-site portion of examinations, increasing the use of technology and pre-planning, and using a risk-focused approach when possible • Improve coordination with federal regulators and conduct more joint examinations, particularly in the areas of Compliance and CRA examinations, to reduce examination-related regulatory burden and maximize the cycle between reviews • Ensure examiners have adequate access to training given the dynamic environment • Develop a secure website to exchange sensitive information

  10. Thank you again for your participation. If you have any questions, please contact Assistant Chief Director Mona Ahmad at 617-956-1530 or mona.ahmad@state.ma.us

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